Acc 211 Principles Accounting I

Supplies – Supplies
Asset
Balance Sheet
Debit
(cash flows) increase in current assets other then cash – operating activities (subtract)
Depreciation – Expense created by allocating the cost of plant and equipment to periods in which they are used; represents the expense of using the asset
property, plant, and equiment – Long-lived assets, such as land, buildings, and equipment, used in the operation of the business. Also called plant assets or fixed assets.
Which of the following describes the matching principle?
a.
Assets = liabilities + owner's equity
b.
A company must match its revenues with the costs (expenses) of earning those revenues in the same time period.
c.
For every entry on the left side of the accounting equation, there must be an equal entry on the other side of the equation (or an opposite, but equal, entry on the same side of the equation)
d.
A company must match a source document with each transaction – b.
A company must match its revenues with the costs (expenses) of earning those revenues in the same time period.
accounting cycle – The series of accounting activities included in recording financial information for a fiscal period
Conservative – lower income and assets
higher liabilities
In the late afternoon you struggle to pay attention in class because of your hunger. What compound keeps you stable while your body is consuming its energy storages until your next meal?
Financial rights to the assets of a business – Equities
Accounts receivable – Current Assets
resultados por valuación de bienes de cambio al valor neto de realización – gains or loss arising from valuing inventories at net realization value
Income tax rate – Tax expense / income before taxes
Chart of accountsss – A list of accounts used by a busine
Cash flows from financing activities – Cash flows from transactions that affect the debt and equity of the company
Capital Investment – An investment related to a long-term asset; typically related to expansion of operation, efforts to increase operating efficiencies, or efforts to increase sales to current customers or generate new customers.
In the lаte аfternооn yоu struggle to pаy attention in class because of your hunger. What compound keeps you stable while your body is consuming its energy storages until your next meal?
first class trader – birinci sınıf tüccar
The account Unearned Revenue is a(n):
A) Liability
B) Revenue
C) Expense
D) Asset – A) Liability
Deferred Revenues – "Unearned revenues" are previously recorded liabilities that need to be adjusted at the end of the accounting period to reflect the amount of revenue earned. Example, when cash was received and previously recorded:

Unearned revenue xxx
Revenue xxx

Managerial Accounting – area of accounting that serves the decision-making needs of internal users; also called management accounting.

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