Accounting

Opening an Account – Writing an account title and number on the heading of an account.
International Accounting Standards Board (IASB) – The international counter- part to the FASB, the IASB and FASB work cooperatively on many projects.
special endorsement – An endorsement consisting only of the endorser's signature.
Interset Expense – 1. Expense
2. Income Statement
3. Debit
4. Temporary
Ration – relationship between two numbers
Accounting Equation – Assets = Liabilities + Owner's Equity
The possession and location of all physical evidence at all times is substantiated in the:
Check – Business form ordering a bank to pay cash from a bank account
corporation – An organization with the legal rights of a person and which many persons may own
The pоssessiоn аnd lоcаtion of аll physical evidence at all times is substantiated in the:
Bear Stearns pp 3 – 1. founded in 1923 as an "equity trading house"
2. grew to one of the largest global investment banks and brokerage firms in the world – stock price reached $172 per share.
3. By March 2008, the firm was forced to seel itself to JP Morgan Chase for $10 per share in order to stave off a bankruptcy filing.
4. Had significant investments in subprime mortgage-related securities
5. Had a heavily leveraged capital structure, little to no liquidity
6. No one willing to continue to invest / no one willing to lend funds
7. If went bankrupt, shareholders get nothing therefore MERGE
Unlimited Liability – If the entity gets into financial difficulty and can not repay its debts, the owners/members can be forced to sell personal assets to help meet the business's/club's obligations
what are the 4 statements – income statement, statement of returned earning, balance sheet, statement of cashflow
What is "expectation gap"?

A. The difference between what the public thinks the accountant is doing and what the accountant thinks they can do.

B. The difference between what the public thinks the accountant is not doing and what the accountant knows they don't do.

C. The difference between what the public thinks the accountant is doing and what Congress says the accountant is doing.

D. The difference between what the accountant is doing and what the Courts say the accountant should be doing. – A. The difference between what the public thinks the accountant is doing and what the accountant thinks they can do.

fixed assets – physical resources that are owned & used by business & are permanent or have a long life

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