Accounting Chapter 9 Vocabulary

Withdrawals – …Is a Debit balance account.
Net income – the difference between gross profit and expenses when gross profit is larger.
to set up a website – основать сайт
balance sheet, income statement, statement of cash flows – 3 financial statements
Cost accounting – Calculating costs of production, output. Involves preparing cost budgets, production planning and reports
Single-step income statement – Calculates total revenues and total expenses and then determines net income in one step by subtracting total expenses from total revenues
Cash Budget limitations – °Only reflects what cash has been paid and received in the past so does not predict future cash flows; credit transactions for amounts owing to the business (accounts receivable) and accounts owing by the business (accounts payable)
°No non-financial information
Which of the following presents a critical staffing issue for the Italian Healthcare system?
Financial reports that summarize the financial condition and operations of a business – financial statements
Non-Current Liabilities – Liabilities which will be paid over a period of time beyond the next accounting period.
E.g. mortgages, hire purchase payments and long term loans.
Which оf the fоllоwing presents а criticаl stаffing issue for the Italian Healthcare system?
Supply – Businesses use financial accounting information based on the expected economic consequences of doing so, comparing expected benefits to expected costs.

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