Accounting Ii Chapter 21 Vocabulary

accounting period concept – revenue/expense to be reported in proper period
4 steps to closing entries – 1.DR to revenue and CR income summary, 2. DR inc sum and CR exp, 3. if rev> exp, DR inc sum and CR ret earn, 4. DR ret earn CR to dividends
reconcile the accounts – die Kosten abstimmen
journal – a form for recording transcations in chronological order
sculptor – one who carves in stone
Companies that use IFRS:

A. may report property, plant, and equipment and natural resources at fair value.

B. must report all their assets on the statement of financial position (balance sheet) at fair value.

C. may refer to a concept statement on estimating fair values when market data are not available.

D. may only use historical cost as the measurement basis in financial reporting. – A. may report property, plant, and equipment and natural resources at fair value.

partnership – a business with two or more owners and not organized as a corporation
dividends – Distributions to shareholders as a return on their investment.
Which of the following T-SQL Statements is valid syntax for creating a table with 3 columns that has a primary key in descending order
this system uses separate journals for similar transactions – Five journal system
Grounds-maintenance costs incurred during the summer months will distort indirect-cost rates that are computed monthly. – True
Cash Flow to Sales – Net cash flows from operating activities divided by sales revenue.
The process of bring together various items of info to determine or explain a result is: – Summarizing
General Journal. – A book of original entry in which business transactions are recorded in chronological order.
Which оf the fоllоwing T-SQL Stаtements is vаlid syntаx for creating a table with 3 columns that has a primary key in descending order
Useful life – The period of time that a depreciable asset is expected to be useful to the business. This is the period over which the cost of the asset is allocated to depreciation expense.
Auditors – Individuals hired to review financial reports and information systems.

Internal auditors of a company are employed to assess and evaluate its system of internal controls, including the resulting reports.

External auditors are in dependent of a company and are hired to assess and evaluate the "fairness" of financial statements (or to perform other contracted financial services).

Income Statement/ Profit and Loss Statements/ Statement of Operations/Operating Statement – a formal financial statement which presents the income, expenses, and resulting net profit or net loss for a given period (R-E) (Revenue-Expenses=Net Income or Net Loss)

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