International Accounting Standards

earnings per share – a measure of net income earned on each share of common stock; computed as net income minus preferred dividends by the average number of common shares outstanding during the year
Depreciation – the allocation of a fixed asset to the fiscal period in which it is used
Unicorporated – Not registered to pay tax and has unlimited liability.
There are three types of footnotes: – 1) provides a description of the accounting rules followed

2) provides more details for the items listed on the financial statements

3) provides information on things not listed on the financial statements

Preparing for a cash surplus – …
Unit-level measures can distort product costing because the demand for overhead resources may be driven by batch-level or product-sustaining activities. – True
Pepsinogen is converted to Pepsin, in the stomach, by which of the following
Accrual Accounting – Expense or Revenue is recorded before the cash settlement
capital – account used to summarize owners equity
Financial Accounting Standards Boards (FASB) – Independent group of full time members responsible for setting accounting rules.
closley held corp. – only allows a few people to invest in it
Useful life – Length of time an asset will be productively used in the operations of a business.
Manufacturing business – A business that makes a product to sell
Pepsinоgen is cоnverted tо Pepsin, in the stomаch, by which of the following
Financial Elements – Assets
Liabilities
Owner's Equity
Income
Expenses
chart of accounts – a list of accounts used by businesses

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