Accounting Quiz 3 Laurie Wood

Assets – Resources OWNED by a business
T account – Skeleton version of a standard account: demonstration purposes
accounting cycle – the series of accounting activities included in recording financial information for a fiscal period
Trial balance – List of accounts and their balances at a point in time; total debit balances equal total credit balances
Long- Term investment – A long- term asset category that includes investment in bonds or stocks in which the company intends to hold the investment for longer than one year.
record – enter each transaction into the system (the accountant uses debits and credits to do this)
depreciable cost – difference between its original cost and its salvage value
Assets – the possessions of people or businesses, such as cash and equipment
timely – information that is available to decision-makers before it loses its capacity to influence decisions
special journal – a special journal designed to accumulate data about only one kind of business transaction
The following table indicates output per day for Thailand and India: rice    wheat India 10 15 Thailand 20 45   Based on the scenario above, we can see that when it comes to RICE…
double taxation – çifte vergilendirme
networking – making contacts with people to share information and advice
Relevance – capable of make a difference in a decision
balance sheets – a list of the assets, liabilities, and owners equity as of a specific date, usually at the close of the last day of a month or a year.
Balance sheet – a record of the financial situation of an institution on a particular date by listing its assets and the claims against those assets
The fоllоwing tаble indicаtes оutput per dаy for Thailand and India: rice    wheat India 10 15 Thailand 20 45   Based on the scenario above, we can see that when it comes to RICE…
net income/net profit – the difference between gross profit and expenses when gross profit is larger

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