Financial Accounting

Credit – an agreement to pay for a purchase at a later time, an entry to the right side of a T account.
Debt to equity – Total liabilities / Total Equity
credit – an amount recorded on the rights side of a T account
Corporation – There may be a large number of people who are called "stockholders" or "shareholders"
Debt contract – A contract between a lender and borrower
Beginning Bank Balance + Deposits Processed by the bank -checks which have cleared the account +/- other adjustments made by the bank – = Bank statements Ending Blance
Net income & investment of assets in the business by the owner – The proprietorship of a business may be increased by
Depreciable Cost – Original Cost – Salvage Value = Depreciable Cost
Specific Areas of Accounting – -General Accounting
-Tax Accounting
-Cost Accounting
-Budgeting
-Auditing
-Accounting Systems Analysts
-Managerial Accounting
credit entry – Habenbuchung, Gutschrift
What is Détente?
salaries – operating costs, expenses
If an error difference is an omitted account, what's the error? – Look in the general ledger and journal. You probably didn't record it
tangible – حقيقي ، ملموس
account equation – account equation of the three basing account elements assets=liability+owner equity
aa.payable – amount owned by the purchase or credit
Whаt is Détente?
Under MACRS, asset lives are substantially _________ than their useful life estimates, and _________ value is ignored until we actually dispose of the asset. – Shorter,
Salvage

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