Accounting Uil Practice

Period Reporting Concept – In order to provide timely information, it is assumed that the entity;s economic activity can be divided into time period of equal length to measure the position and performance of the entity. This is done so that comparisons can be made easily.
asset turnover – net sales/avg. assets
*exclude long-term
Creditor – One to whom money is owned.
unit of measurement – Only transactions denominated in dollars (currency) are recorded in the accounting records
General office clerk – A person who does general kinds of office tasks, including some accounting tasks
depreciable base – this is the total amt. to be expensed over the life of the asset

cost- residual= depreciable based

Rent Expense – …Is a Debit balance account.
Which of the following characterize(s) a wave?
additional costs – Zusatzkosten
What are financial obligations that are expected to be paid by a company after at least one year? – Long term liabilities
Preparing for a cash deficit – Preparing for a cash deficit
If the cash budget warns of a cash deficit the owner may plan by:
– Increasing advertising, changing prices or offering discounts/promotions to increase Cash Fees
– Making a Capital Contribution
– Reducing cash payments for expenses
– Deferring the purchase of non-current assets or making the purchase on credit.
23. An alternative form of the accounting equation is:
A. Net Income = Revenues – Expenses.
B. Stockholders' Equity = Assets + Liabilities.
C. Assets = Liabilities – Stockholders' Equity.
D. Assets – Liabilities = Stockholders' Equity. – D. Assets – Liabilities = Stockholders' Equity.
A language of business employed to communicate financial information based upon the recording, classification, summarization, and interpretation of financial data is called – Accounting
Source document – : a business paper from which information is obtained for a journal entry
Which оf the fоllоwing chаrаcterize(s) а wave?
sole proprietorship – work alone

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