Accounting: Debits & Credits

Statement of Net Worth or Affairs – A statement setting out the assets, liabilities and net worth of an individual or a household at a given point in time.
Copyrigths – Guarantee by Feds. Rights to produce/sell book,music,film or other art. 70 years after creators life
Debenture – Is an unsecured bond; no assets are specifically pledged to guarantee repayment.
Cash flows from financing activities – Cash flows from transactions that affect the debt and equity of the company
Purchase return – Return of goods from the buyer to the seller for a cash or credit refund.
Financial statements – Financial reports that summarize financial conditions & operations of a business.
5.Material weakness – is a significant deficiency in internal controls that results in more than a remote likelihood that a material misstatement of the financial statements will not be prevented or detected.
Non- Current Assets – Assets that are not expected to be converted into cash in 12 months time.
Where are they closed to? – Retained earnings.
If bad credit risks are the ones who most actively seek loans and, therefore, receive them from financial intermediaries, then financial intermediaries face the problem of
GST paid – GST paid to the supplier which is then forward to the ATO.
Stock Dividends/ Stock Split – Instead of paying dividends in cash, companies will pay issue additional amounts of stock
liquidity – describes the "amount of time that is expected to elapse until an asset is realized or otherwise converted into cash or until a liability has to be paid"
fiscal year – A 12 month period for which financial reports are prepared.
Proprietorship – A business Owned by one person
If bаd credit risks аre the оnes whо mоst аctively seek loans and, therefore, receive them from financial intermediaries, then financial intermediaries face the problem of
cash is on what account – balance sheet
asset
Financial statements – Reports that summarize the financial condition and operations of a business

This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply