Accounting Unit 2

understandability – the quality of accounting information that makes it comprehensible to those willing to spend the necessary time
Wage and Tax Statement, Form W-2 – Preprinted government firm that contains information about an employee's earnings and tax withholdings for the year.
social security tax – a federal tax paid for old-age, survivors, and disability insurance
Common Stock – 1. Owners Equity
2. Balance Sheet
3. Credit
4. Permanent
T/F: IFRS requires companies report changes of equity, cash flow, and ____. – T
account balance – the amount in a account
Fixed Asset – Land, Buildings, Equipment
Of the three possibilities Crenshaw discusses as a possibility why terrorist organizations might be considered “weak,” which of the following is NOT included?
Step 4 – Step of Closing Process: Close the drawing account to owner's capital.
Dough Johnson, Drawing – Drawing / ES
equity – residual interest in the assets of an entity that remains after deducting its liabilities
ownership interest
other controls – other ways to keep things safe
Of the three pоssibilities Crenshаw discusses аs а pоssibility why terrоrist organizations might be considered “weak,” which of the following is NOT included?
Accounting – Planning, recording, analyzing, and interpreting financial information.
Sole Proprietorship – A type of ownership structure in which one person owns the business. Assumes all risk
The process of planning, recording, analyzing, and interpreting financial information – Accounting
Expenses – An expense is an outflow of money to another person or group to pay for an item or service, or for a category of costs.

Example; Rent, Payroll, Taxes.

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