Accounting 100

Creditor – a person or business to whom a business owes money
owner's equity-drawing – account used to record amounts withdrawn by an owner of a proprietorship.
T-account – Tool used to show the effects of transactions and events on individual accounts. (p.46)
Earnings Per Share – (Net Income – Preferred Stock Dividends) / Avg. # of shares outstanding
Liabilities – Debts owed by a firm
Account Number – The number given to an account
Another name for net exports is trade balance or balance of trade. 
MATCHING PRINCIPLE – A company charges its sales commission costs to expense.
normas contables aplicables – accounting standards
proprietorship/sole proprietorship – a business owned by one person.
Debit – Left side of a t account
Medicare Tax base – 1.5%, No tax base
Anоther nаme fоr net expоrts is trаde bаlance or balance of trade. 
Assets that will be consumed as they are used up are called: – Supplies
Debenture – Is an unsecured bond; no assets are specifically pledged to guarantee repayment.
Footing – the totaling of a column of a journal or ledger is called
Two categories of stockholder's equity usually found in the balance sheet of a corporation – Common stock and retained earnings
Third Level: Recognition and Measurement – Statement of Financial Accounting Concepts No.5 – Recognition and Measurement in Financial Statements of Business Enterprise.

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