Accounting I Midterm 2015

The equation showing the relationship among assets, liabilities, and owner's equity – Accounting equation
Depreciable Base – Cost minus Salvage Value.
company tax – kurumlar vergisi
Order of entry in closing accounts – revenue, expenses, income summary, withdrawals
What type of liability would a lawsuit be? – Contingent Liability
stock holder – person who owns a share or shares of a stock in a corporation
What is Accounting? – Accounting is the process of identifying, measuring and communicating economic information to permit informed judgments and decisions by the users of the information.
You will need to download this Excel file.  Complete the computations and save your file.   Upload the complete file by attaching it to this quiz.  
**ON EXAM**
Each of the following accounts is closed to Income Summary except: – B. Dividends
Revenue – increase in owner's equity due to business operations
Yоu will need tо dоwnloаd this Excel file.  Complete the computаtions аnd save your file.   Upload the complete file by attaching it to this quiz.  
working capital – current assets minus current liabilities
cost of goods manufacturing – make the good, the total cost of making products that are available for sale during the period
Posting – The process of transferring information from the journal to the ledger
historical cost – basic def – current value of everything that is exchanged

items exchanged can be cash, another asset or liability that must be repaid, or a combination

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