Three Financial Statements – Income Statements, Statement of Owners Equity and Balance Sheet.
Operating expense – Salary expense is considered to be
Credit – An amount recorded on the right side of T account
Verifiability – Accounting information is verifiable when different knowledgeable and independent observers can reach consensus that a particular representation is faithful
Sole Proprietorship – A type of ownership structure in which one person owns the business. Assumes all risk
accounting – the information system that measures business activities, processes that information into reports and financial statements, and communicates the results to decision makers.
Long-term Liabilities – Notes payable
SECTION 4: Adjectives of nationality–question 1 Special letters, should you need them: á é í ó ú ñ Las conductoras son de Alemania. Ellas son [l2].
Quality of Income Ratio and formula – Ratio that measures the portion of the income that was generated in cash.
Quality of Income Ratio = Cash Flow from Operating Activities / Net Income
the name given to an account – account title
Dual Effects – Every transaction has at least two effects on the accounting equation.
Additional Paid-In-Capital – The amount received for the issuance of stock in excess of the par value of the stock.
Discount Example: 2/10, n/30 – Means: If pay in 10 days, get 2% discount; if doesn't pay within 10, has 30 days to pay with no discount.
SECTION 4: Adjectives оf nаtiоnаlity–questiоn 1 Speciаl letters, should you need them: á é í ó ú ñ Las conductoras son de Alemania. Ellas son [l2].
accelerated depreciation method – yeilds larger depreciation expenses in the early years of an assets like and less depriciation in later years