Accounting Chapter 2

Chart of Accounts – A list of all the account titles and discount numbers assigned to them.
assests – economic resources provide future benefits for a business
The company receives $ from a bank loan, liabilities __ – Increase
Accounts receivable turnover – measures how many times per year receivables are collected.
voice actor – One who provides voices for animated characters in shows.
Total Enterprise value – TEV = Market Capitalization + Debt + Preferred Stock – Excess Cash.
impuesto a la ganancia mínima presunta – minimum presumed income tax
The following items are for Earth, Wind, and Fire Co.: • Retained earnings at beginning of year = $200 million • Value of newly issued shares during the year = $10 million • Net Income = $90 million • Dividend payout ratio = 30% • Value of shares repurchased during the year = $20 million What is the retained earnings account balance at the end of the year?
Office Furniture – Normal Balance: Debit
Type of Account: Asset
Financial Statement: BS
Balance Sheet – A financial statement that summarizes a company's assets, liabilities and shareholders' equity at a specific point in time.
The fоllоwing items аre fоr Eаrth, Wind, аnd Fire Co.: • Retained earnings at beginning of year = $200 million • Value of newly issued shares during the year = $10 million • Net Income = $90 million • Dividend payout ratio = 30% • Value of shares repurchased during the year = $20 million What is the retained earnings account balance at the end of the year?
transactions – any economic event that has a financial impact on the business
Accounts – Is a standardized format that organizations use to accumulate the dollar effect of transactions on each financial statement item. "Chart of account"
patent – Exclusive right granted to its owner to manufacture and sell a patented item or use a process for 20 years.

This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply