Accounting!

hawker – one who sells goods in the street
Capital – The account used to summarize the owner's equality in a business.
Revenue recognition – accounting principle that states that revenue is recognized and recorded on the date it is earned even if cash has not been received.
capital stock and retained earnings – owner's equity
GAAP – generally accepted accounting principles
T account – accounting device used to analyze transactions
net income from operations – gross profit-operating expenses
Orientation is often just a superficial indoctrination into company philosophy, policies, and rules; sometimes it includes the presentation of an employee handbook and a quick tour of the office or plant.
Asset Turnover – Net Sales/Ave. Total Assets
capital – the name for the resources used to start and run a business
Cash basis Accounting – the system of preparing financial statements based on recognizing revenues when the cash is received and reporting expense when the cash is paid
long-term liabilities – Obligations not due within one year or the operating cycle, whichever is longer.
Gross Profit – Sales Revenue – COGS
. Which of the following is not a source of data for the cash budget?
a. The sales budget.
b. The purchases budget.
c. The budgeted income statement
d. The general and administrative budget. – c. The budgeted income statement
Current assets – Assets that a company expects to convert to cash or use up within one year.
Orientаtiоn is оften just а superficiаl indоctrination into company philosophy, policies, and rules; sometimes it includes the presentation of an employee handbook and a quick tour of the office or plant.
merchandising businesses – retail or wholesale companies, sell goods to customers that other entities make
Matching Principle – The matching principle states that an expense must be recorded in the same accounting period in which it was used to produce revenue.
Business entity – Financial information is recorded and reported separately from the owner's personal financial information

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