Accounting Basics

accountant – Buchhalter
Wirtschaftsprüfer
At the government wide level, net assets related to capital assets should be reported as: – Invested in capital assets, net of related debt
False – T or F: When a company pays insurance premiums in advance to an insurer, it records the payment as a liability because the insurer owes future coverage.
Revenue Principle – recognizes revenue when it's earned.
accounting equation – An equation showing the relationship among assets, liabilities, and owner's equity.
Balance sheet Equity – Contributed Capital, Retained Earnings, Dividends
Long-term assets – Долгосрочные активы
The bond in Cl2 is a(n) ________.
Maturity Date. – The date on which payment is due on a promissory note.
primary users of financial information – internal users: finance, management, marketing, human resources
external users: taxing authorities, labor unions, customers, creditors, investors, regulatory agencies
Goodwill – Occurs when one company buys another company
activity base – a measure of whatever causes the incurrence of a variable cost
Convertible – A bond feature that allows the lender to convert each bond into a specified number of shares a common stock.
Matching principle – Allows a business to match revenue against expenses as a means of measuring profit for the period.
The bоnd in Cl2 is а(n) ________.
Triple A bond – Highest rated bond for creditworthiness
managerial accounting – provide internal users w/ info (private accounting)
Corporation – Business owned by stock holders

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