Principles Of Accounting Vyc1

fiscal period – the length of time for which a business summarizes and reports financial
information
securities and exchange commission (SEC) – the agency of the US government that oversees US financial markets and accounting standard-setting bodies
limited liability company – a corporate that is taxed like a partnership
Post-closing Trial Balance – A list of the accounts and their balance at the end of the period after journalizing and posting the closing entries. It should include only permanent accounts.
The accrual basis of accounting – Matches revenue earned with expenses necessary to produce the revenue during the accounting period.
External Users – Creditors, Investors, Tax authorities
appreciation – повышение стоимости актива (например, земли)
Continuity or "going concern" – Assume business will continue indefinitely
What event necessitated Christopher Wren's new design of St. Paul's Cathdral, and the rebuilding of more than fifty other London churches?
Financial statement that reports the revenues & expenses for a period of time such as a year or a month is the – Income statement
Revenue – Money coming into the business. An increase in owners equity resulting from business activity
True – The accounting concept realization of revenue is applied when revenue is recorded at the time goods or services are sold
Liability account – accounts payable is a/an
Work Sheet – A columnar accounting form used
Whаt event necessitаted Christоpher Wren's new design оf St. Pаul's Cathdral, and the rebuilding оf more than fifty other London churches?
*ethics* – Moral principles that guide the conduct of individuals.
Inventory turnover – A ratio that indicates the liquidity of inventory by measuring the number of times average inventory sold during the period; Cost of goods sold/the average inventory
Mortgage Payable – Liabilities

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