Accounting Chapter 4 Vocab

Monetary unit assumption – An assumption that requires that only those things that can be expressed in money are included in the accounting records
treasury stock – company buys back its own stock from investors; contra owners equity
acid test ratio/quick ratio – quick assets divided by current liabilites
due diligence – durum tespit süreci
Recognition of revenue criteria: !!!!!

Examples of when it occurs – Recognition of revenues usually at the point of sale for retailers, usually at the moment of ahipping, or service provided

2 criteria:
Revenues must be earned, ex. Services delivered to customer
And
Revenues must be realized: ex. Cash

Recipt of payment is almost always irrelevant for revenue recognition

Balance Sheets – A financial statement that reports assets, liabilities, and owner's equity on a specific date.
What is the name of the Jewish commentaries of the biblical books?
Tangible asset – Goodwill is classified as a
Balance Sheet – A financial statement that summarizes a company's assets, liabilities and shareholders' equity at a specific point in time.
A financial statement that reports assets,liabilities, and owner's equity on a specific date. – Balance Sheet
Selling+Distribution (eg's) – Advertising
Freight outwards
Packaging costs
Insurance on shop
Sales staff
Shop rent
Expenses and withdrawals of assets from the business by the owner – the proprietorship of a business may be decreased by
Whаt is the nаme оf the Jewish cоmmentаries оf the biblical books?
on account – the purchace of an item on credit
Which of the following is a true statement about inventory systems? – B. Perpetual inventory systems require more detailed inventory records
Decrease in owner's equity – expense means a/an
(pic) Statement of stockholders equity –

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