Acc 211 Principles Accounting I

What is IFRS? What is it's purpose? – International Financial Reporting Standards (IFRS) is a new, uniform set of international accounting standards for reporting a company's financial position and performance. The purpose of IFRS is to establish a universal accounting standard that can be applied by all accountants no matter where in the world they practice.
Corporation – A business organised as a separate legal entity under state corporation law, having ownership divided into transferable shares of stock
interpreting – explaining the significant events or developments that occur, usually taking the form of analysis and comparisons
Account title – The name given to an account.
False – T or F: When a company receives cash from a customer for a prior sale, the transaction increases the cash amount balance and increases the accounts receivable balance.
Account Receivable – sales of goods and services
accounting period – Abrechnungszeitraum
The accounting process – Identification recording communication
trader – one who does business
When a customer is shuttled between a variety of operations and where each move does not substantially add to value it refers to:
Form 10 Q – the quarterly report that publicly traded companies must file with the SEC
John Smith is employed as a local funeral home and is paid on an hourly rate of $5.00 per hour. He is also paid time and a half for any hours worked in excess of 40 hours per week. For the current pay period, he worked a total of 60 hours. If his FICA tax is 6%, and his withholding is 10%, what is his take-home pay for the week? – $294.00
liability – an amount owned by a business
Accrued Expenses – Expenses incurred this period, but payment to be made later
net loss – The amount by which expenses exceed revenues.
collection of note rec – note + interest – collection fee
When а custоmer is shuttled between а vаriety оf оperations and where each move does not substantially add to value it refers to:
OPERATING CYCLE – TIME SPAN DURING WHICH CASH IS PAID FOR GOODS AND SERVICES, WHICH ARE THEN SOLD TO CUSTOMERS FROM WHOM THE BUSINESS COLLECTS CASH
In a check transaction, the bank is the: – Drawee
management accounting – information is designed to meet the specific needs of a company management
current liability – an obligation of a business that is expected to be satisfied or paid within one year

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