Accounting I Chapters 1 Thru 9 Century 21 Accounting

Liability – An amount owed by a business.
In which month should revenue be recorded?
A) In the month that goods are shipped to the customer
B) In the month that goods are ordered by the customer
C) In the month that cash is collected from the customer
D) In the month that the invoice is mailed to the customer – A) In the month that goods are shipped to the customer
Overdraft. – The issuance of a check without sufficient funds in the account when it is presented for payment.
Accumulated Depreciation – Equipment – Asset
accumulated depreciation – contra asset account that shows the sum of all depreciation expense recognized for an asset since the date of acquisition
Which basic element of financial statements arises from peripheral or incidental transactions? – Gains
Enforceable – Sanctions must be this. It is insufficient for sanctions merely to exist, without being put into practice. When monitoring reveals that obligations have not been met, sanctions should be enforced as a matter of course, and not as an exception to the rule.
accounting period – Abrechnungszeitraum
Only private attorneys prosecute criminal defendants.
Linear cost behavior – cost behavior is said to be linear whenever a straight line is reasonable approximation for the relation between cost and activity
profit and loss account – Gewinn & Verlust
errores significativos – material mistatements
Dividend Yield and formula – Return on investments based on dividends.

Dividend Yield = Dividend per Share / Market Price per Share.

Only privаte аttоrneys prоsecute criminаl defendants.
What is in a balance sheet? – assets, liabilities, and Equity
PO (purchase order) – megrendelÅ‘ dokumentum
basic accounting equation – assets = liabilities + stockholders' equity

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