Accounting Basics

The amount of depreciation taken during the current fiscal year is properly termed – Depreciation expense
Market value – amount would receive to sell the asset today – fair market
Other revenues/gains – interest revenue
gains from sale of investment
gains from sale of property, plant & equipment
Assignment of responsibility – Establish tasks, make one person responsible for each specific task
Monetary Measurement – The value of all transactions is measured in dollars.
A check is: – a document ordering a bank to pay cash from a depositor's account. The are 3 parties to every check: (1) Drawer – the depositor (2) Drawee – the bank (3) Payee – pay to the order of
Checking Account – A bank account from which payments can be ordered by a depositor.
Eternal Inflation refers to
Chart of Accounts – A list of accounts used by a business
Differential cost – Difference in costs and benefits between alternatives
Eternаl Inflаtiоn refers tо
Asset – A resource that is controlled not owned by an entity as a result of past events and from which future economic benefits are expected to flow. Must also be able to be measured reliably.
service buisness – a business that performs an activity for a fee

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