Uil Accounting

True or false
Liability is closely related to ownership so it appears on the same side as capital in the accounting equation – True
Account – Record within an accounting system in which increases and decreases are entered and stored in a specific asset, liability, equity, revenue, or expense
Source Document – Proof that a transaction occurred
activity sharing – increasing the efficiency of necessary activities
by using economies of scale.
Corporation – Business that is a separate legal entity under state or federal laws with owner called shareholders or stockholders
activos dados de baja – retired assets
Business Entity Principle – each business is considered a separate unit or entity, and the financial data for the business must be kept separate from the owner's personal financial data.
Dr. Rogers is giving a lecture in which he stresses that aging is a normal, natural process that is very much the same for all people, unless illness or injury is involved. The topic for this lecture would best be described as:
financial ratios – show how the elements of financial statements relate to each other
Income statement – Shows the financial performance of an enterprise over a period of time. Can also be known as the profit and loss statement. He reports the revenues and any expenses incurred
optician – One who prescribes and dispense glasses and contact lenses and to detect eye diseases.
Schedule of Accounts Payable – A listing of vendor accounts, account balances, and total amount due from all vendors
Dr. Rоgers is giving а lecture in which he stresses thаt аging is a nоrmal, natural prоcess that is very much the same for all people, unless illness or injury is involved. The topic for this lecture would best be described as:
Matching Expenses with Revenue – When revenue from business activities and expenses associated with earning that revenue are recorded in the same accounting period.
Supplies – a type of asset that will be consumed as it is used. (Examples: embalming supplies and office supplies)
balance sheet – financial statement that list types and dollar amounts of assets, liabilities, and equity at a specific date.

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