Fundamental Accounting Principles

Prepaid Expenses – amounts a company pays in advance for services that will be provided to the company in the future
accounting policies – explanations of the valuation methods used or the basic assumptions made concerning inventory valuations, depreciation methods, investments in subsidiaries
When balancing the cash box, you discover a $30 overage. Prioritize the steps you would use to find or account for this mistake. – • Recount the money
• Check open and closed tickets for money taken in and amount receipted
• Notify the area manager because the amount is over $20
• 0805 overage
Debit Memorandum – A form prepared by the customer showing the price deduction taken by the customer for returns and allowances.
Expense – the cost of providing goods and services
Inventory Turnover Ratio – cost of goods sold/ average inventory
Withdraws – Assets taken out of a business for the owners personal use
flight attendant – One who serves passengers on an aeroplane.
Interest Revenue – 1. Revenue
2. Income Statement
3. Credit
4. Temporary
Generally Accepted accounting principles (GAAP) – developed to provide guidelines for financial accounting. used to ensure that financial statements are understandable to their users, a set of practices
The concept of ________ is based on the common-sense notion that a dollar paid to you in the future is less valuable to you than a dollar today.
Cash Flows – Operating Activities
Investing Activities
Financing Activities
normal balance for equity? – right
Financial Accounting – Financial accounting is concerned with the record keeping of the business and preparing the financial statements for external users.
What is the date when dividend checks are mailed to the stockholders and the payment of dividends is recorded called? – Payment date
Sales mix – Room revenue/ total revenue
payee – party giving the credit
The cоncept оf ________ is bаsed оn the common-sense notion thаt а dollar paid to you in the future is less valuable to you than a dollar today.
debit – Received Cash from owner as an investment we _____ cash and credit owner capital
Marketing – benefits the society, new and improved products added value, lower prices
Bank statement – A statement received monthly from the bank that shows the depositor's bank transactions and balances.
reversión de la desvalorización – reversal of the impairment of value
Earnings per Share – (net income – dividends on preferred stock)/ average shares of common stock outstanding

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