101 Understanding The Accounting Equation, Debit And Credits

Receipt – proof of a cash transaction
overdraft – issuance of a check without sufficient funds in the account when it is presented for payment
cash short – A petty cash on hand amount that is less than a recorded amount
11.Ponzi Scheme – is a form of fraud in which belief in the success of a nonexistent enterprise is fostered by the payment of quick returns to the first investors from money invested by later investors.
Straight-line depreciation method – Method that allocates an equal portion of the depreciable cost of plant asset (cost minus salvage) to each accounting period in its useful life
provisions of services – предоставление услуг
accrued revenues – unrecorded revenues that have been earned & for which cash has yet to be received
__________ involves officers getting to know local neighborhoods and working with citizens to prevent crime.
Where GAAP applies to – U.S. Only
Interest – A charge made for the use of money
Cost of Goods Sold – The total cost of merchandise sold during the period
Long-term liabilities – Must be paid after one year
__________ invоlves оfficers getting tо know locаl neighborhoods аnd working with citizens to prevent crime.
Primary objective of Financial reporting to external users – is to provide financial information about the reporting entity that is useful to existing and potential investors, lenders, and other creditors in making decisions about providing resources to the entity.
Accounting – planning, recording, analyzing, and interpreting financial information.
business transaction – economic event or condition that directly changes an entity´s financial condition or its results of operations.

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