Acc 211 Principles Accounting I

Accountant. – One who is concerned with the design of the system of records, the preparation of reports based upon the recorded data, and the interpretation of the reports.
Disallowed costs – Those charges to an award that the Federal awarding agency determines to be un-allowable, in accordance with the applicable Federal cost principles or other terms and conditions contained in the award.
Management Advisory Services – Services designed to help clients improve their information systems or their business performance.
What is meant by comparability when discussing financial accounting information? – Information that is measured and reported in a similar fashion across companies
T account – An accounting device use to analyze transactions
earnings – used to describe when revenues exceed expenses (net income & net profits)
P/E ratio – measures how many times current year's earnings investors are willing to pay for a company's stock
The Autonomic Nervous system is part of the _______________.
Control Account – General ledger account for which a subsidiary ledger is kept.
Sales journal – Credit sales of inventory
Goods in transit should be included in the inventory of the buyer when the
A.
public carrier accepts the goods from the seller.
B.
goods reach the buyer.
C.
terms of sale are FOB destination.
D.
terms of sale are FOB shipping point. – D
Capital – owner's worth in the business
Asset measurement

No lo entiendo, revisar… – 1. Acquisition historical cost:
Its what was paid including all expenses.

2. Current replacement cost:
What a firm would have to pay to buy same future benefit

3. Net realizable value:
What the firm could sell asset for, in ordinary fashion
Including transaction costs

4. Fair value:
What the firm could set the asset for, in ord fashion
Not including transaction costs

The Autоnоmic Nervоus system is pаrt of the _______________.
The accounting cycle (x9)

(Info) – 1. Analyze business transactions
2. Journalese transactions
3. Post to ledger accounts
4. Prepare a trial balance
5. Journalese and post adjustment entries
6. Prepare adjusted trial balance
7. Prepare the financial statements
8. Journalize and post closing entries
9. Check maths again

Trademarks – Distintive ID of product or service useful life by contract.

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