Accounting I Chapters 1 Thru 9 Century 21 Accounting

Debit – An amount recorded on the left side of a T-account
Stockholder – -One of the owners of a corporation (owns share(s) of the corporation's stock)
Accrual Expense – an expense incurred in operating a business during an accounting period but not yet paid.
employees – Planning for retirement and future job prospects
Authorized Stock – The maximum number of shares the company can issue under its charter
Internal audits – employed by the company, examine the accounting system.
When standards are used to develop a budget:
a. past inefficiencies are excluded
b. benchmarking must also be used
c. information is available at a low cost
d. flexible-budget amounts are difficult to determine – a. past inefficiencies are excluded
Withdraws – Assets taken out of a business for the owners personal use
Aretha Franklin’s first major-label record contract was with this label, but the records didn't sell very well:
The accounting equation can be stated as – Asses – Liabilites = Stockholders' equity
Abstract of Offers – Record of all bids received on an unclassified sealed-bid procurement.
Arethа Frаnklin’s first mаjоr-label recоrd cоntract was with this label, but the records didn't sell very well:
Accts on Statement of Retained Earnings – Retained earnings beg. balance, Net income, dividends.

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