Accounting ****

What is amount paid in to the corporation by stockholders in exchange for shares of ownership called? – Paid in capital
Accounting equation – Any equation showing a relationship among assets liabilities and owners equity
T account – : an accounting device used to analyze transactions
Sales revenue – The primary source of revenue in a merchandising company.
Prepaid expense or prepayments – An asset account is increase (debited) to show the service or benefit that company will receive in the future, costs that expire either with the passage of time or through use.
A written promise of a customer to pay the business sum of money at a future date is call a/an – Note receivable
verifiable – info that is proven to be free from error
Throughput Time – process time, inspection time, move time, queue time
Earnings Per Share – Net income / number of common shares outstanding
Preferred Stock – Stock that gets certain contractual rights and privileges over common stock holders.
A rectangular flower bed measures 24 feet long by 15 feet wide.  If you walk once around the flower bed, how many yards have you walked?
Going Concern – It is assumed that business will continue for several accounting periods into the future (life of the business is indefinite).
L/T Notes payable or long-term debt – amounts owed to banks and other financing companies that will be paid later than one year from now

the amount is the principle amount owed only and does not include interest

Net Loss – revenue is less than expenses
The debit side of the T-account is the – Left side
A rectаngulаr flоwer bed meаsures 24 feet lоng by 15 feet wide.  If yоu walk once around the flower bed, how many yards have you walked?
corporation – A business owned by stockholders. A corporation is a legal entity, an "artificial person" in the eyes of the law.

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