Accounting Basics

In a check transaction, the bank is the: – Drawee
F.U.T.A. – Federal Unemployment Tax Act.
statement of cash flow – summary of cash receipts and payments for a specific period of time
accounts receivable – the right to receive cash in the future from customers for goods sold or services performed
double entry book-keeping – kettős könyvvitel
Sales revenue less cost of goods sold is called – A. Gross Profit
Classify the following items as an Asset (A), a Liability (L), or Stockholders Equity (S).
a. Accounts payable
b. Common stock
c. Supplies
d. Retained earnings
e. Land
f. Prepaid expenses
g. Accounts receivable
h. Long-term debt
i. Merchandise inventory
j. Notes Payable
k. Expenses Payable
l. Equipment – a. L
b. S
c. A
d. S
e. A
f. A
g. A
h. L
i. A
j. L
k. L
l. A
Ledger – A group of accounts constitutes a
Expenses incurred but not yet paid or recorded are called – B. Accrued expenses
Accounting period cylce – Financial info is always reporting for a specific amount of time
As part of a deal with the IMF, Thailand agreed to strengthen its currency. This would alleviate pressure and conserve on reserve currency. 
Ke – Cost of equity
=Beta *MRP-risk free rate
Verifiability – A consensus among different
measurers.
Liabilities – An obligation that is owed to another, because of past events that results in an outflow of economic benefit
no-par value stock – common stock that has not been assigned a par value
merchandise purchases are: – expenses (debited) and have a negative effect on Owner's equity
As pаrt оf а deаl with the IMF, Thailand agreed tо strengthen its currency. This wоuld alleviate pressure and conserve on reserve currency. 
Ramos, Inc. has monthly revenues of $30,000 and monthly expenses of $18,000, and the company paid $4,000 in dividends; therefore, net income for the month is $12,000. – True
deficit – negative balance in retained earnings caused by net losses over a period of years.
in the black – in den schwarzen Zahlen

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