Accounting I Chapters 1 Thru 9 Century 21 Accounting

InternationalL Accounting Standards Board (IASB) – Group that identifies preferred accounting practices and encourages global acceptance; issues International Financial Reporting Standards (IFRS).
(Objectives of financial statements)timely information notes& disclosures – info should be provided on a timely basis sufficient info should be presented in notes and disclosure
Assets – Properties of monetary value owned by a business. Things of value owned by a business.
A difference between job costing and process costing is that:
a. job-costing systems usually do not distinguish between normal spoilage attributable to all jobs and normal spoilage attributable to a specific job
b. job-costing systems usually distinguish between normal spoilage attributable to a specific job and spoilage common to all jobs
c. process costing normally does not distinguish between normal spoilage attributable to a specific job and spoilage common to all jobs
d. Both b and c are correct. – d. Both b and c are correct.
unit of measure assumption – national monetary unit used
Comparability – The ability of users to see similarities and
differences between two different business activities.
Certified Public Accountant/C.P.A. – an individual possessing a college education, having practical experience in accounting and who has passed a comprehensive state examination in order to be certified to practice public accounting in that state.
Price Earning Ratio – A measure of the relative worth of an investment in a company, the stock's market price per share to the company's earnings per share.
Sales – …Is a Credit balance account.
 Calculate the standard deviation of the given data.  Round your answer to three decimal places.           1, 2, 4, 5, 8, 9, 13 Use the formula :   Standard Deviation = 
Liabilities – the debts of a business.
Cost Sheet – Provides an estimated detail of what is required to make ONE product or provide ONE unit of service; DM, DL, Manufacturing Overhead
What is the value needed by maturity date called? – Maturity Value
Over a period of time – Income statement
expense – the cost of goods or services used to operate a business
gain – Inflows from adjunct activities, increases to retained earnings. Proceeds from the dispositions of assets.
Accounting Technician – Preparation of a business's journals and ledgers and of GST returns, bank reconciliation and other financial statements.
 Cаlculаte the stаndard deviatiоn оf the given data.  Rоund your answer to three decimal places.           1, 2, 4, 5, 8, 9, 13 Use the formula :   Standard Deviation = 
personal account – Debit: Receiver
credit: Giver
butler – a head manservant in charge of the wine cellar, valuables, etc. of a house.
Contra asset account – A type of account that is offset against an asset account on the balance sheet.
Trade Payables – People or firms that the business owes money to for goods or services that were provided to the business
company tax – kurumlar vergisi

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