Current Liabilities – Accounts payable and other debts a business must pay within one year.
materiality principle – An accounting principle that states that only items that are "material" or that "make a difference" should be presented in financial statements
Chart of accounts – List of accounts used by a company; includes an identification number for each account
Usually an employee of a CPA firm, as an independent contractor – Public accounting
fiscal year – the 12 month time a business CHOSES for its accounting year
Temporary account – Accounts that only exist within 1 time period
Revenue and Expenses (IS)
base period – A time period against which costs of the market basket in other periods will be compared in computing a price index
Sentence 23 is a/n
journal – A form for recording transactions in chronological order
Liability – Money that is owned to other bussiness by the bussiness
Accounting – Recording, classifying and summarizing financial information and interpreting the results
Sole proprietorship – a form of organization with a single owner
the principal that expenses reported in same time as earned – matching principal
audit committee – made up of the independent directors who have financial expertise. the purpose is to ensure that BOD are objective in evaluating management's performance
Sentence 23 is а/n
Business ethics – Do you some ethics and making business decisions
high – highest price of the stock during the day

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