Account

Assets – Resources of value owned by a business
la sociedad presenta un patrimonio neto negativo – the company discloses a negative equity
sources of funds – the various places that finances for the firm have come from
Objectivity – impartiality including freedom from conflict interest
sale on account – a sale for which payment will be received later at a later date
Overhead Quantity Variance – SR(AH-SH) (overhead)
Prepayments – expenses paid in cash and recorded as assets before they are used or consumed
Reliability – accounting information is accurate free from bias
in accordance with – szellemében(annak megfelelÅ‘en)
GAAP – Generally Accepted Accounting Principles, are the measurement rules used to develop the information in financial statements.
Unlike cholesterol checks and chest x-rays, the results of genetic tests may have repercussions to family members who share genotypes that can affect health.
Cost Principle – A principle that states that acquired assets and services should be recorded at there actual cost
Merchandising business – A business that buys products to sell
Gross margin ratio – (Sales-COGS)/Sales
The left side of a T account is – the debit side
Accounting entity assumption – That activities of the entity are separate from those of its owners or members
Unlike chоlesterоl checks аnd chest x-rаys, the results оf genetic tests mаy have repercussions to family members who share genotypes that can affect health.
special journal – a journal used to record only one kind of transaction
What are the three categories of non-current assets? – 1. Intagibles
2. Tangibles
3. Investments
23. An alternative form of the accounting equation is:
A. Net Income = Revenues – Expenses.
B. Stockholders' Equity = Assets + Liabilities.
C. Assets = Liabilities – Stockholders' Equity.
D. Assets – Liabilities = Stockholders' Equity. – D. Assets – Liabilities = Stockholders' Equity.

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