Accounting I: Financial Accounting Ch 1

Financial statements – Means of conveying a concise picture of the profitability and financial position of the business
Accounting – The discipline that measures, analyses and processes financial information regarding an entity
tasa del impuesto vigente – prevailing tax rate
A 60-day note receivable dated April 13 has a maturity date of
A. June 13.
B. June 12.
C. June 11.
D. June 10. – B
Revenue,Income Statement, Credit, Temporary – Fees Earned
How much did the company pay to purchase property and equipment during the year ended December 31, 2002? – 2002 Cash Flow Statement
Hematopoiesis is a function of the skeletal system.
Statement of OE – Beginning and ending capital and drawing account
False – Recording business costs in terms of hours required to complete projects is an application of the unit of measurement concept
Objective evidence – Source document that is prepared for every transaction
36.Reinsurance Company – is the insurance company that issues an insurance policy and guarantees the obligations of the insurance company.
Hemаtоpоiesis is а functiоn of the skeletаl system.
Discuss the siginifance of accounting systems in generating reliable accounting information and understand the five components of internal control. L02 – The answer to such a question of significance depends on how useful management considers the information to be and the cost of developing the information. The need for some accounting information may be prescribed by law e.g. income tax regulations, federal securities laws require publicly owned companies to prepare financial statements in conformity with generally accepted accounting priniciples. pp 7 The five compnentts of internal control, as discussed in Internal Control-Integrated Framework (Committee of Sponsoring Organizations of the Treadway Commission), are the control enviornment, risk assessment, control activites, information and communication, and monitoring. pp 8
Sale On Account – A sale for which cash will be recieved at an later date.
cash – Balance Sheet
current asset

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