Chapter 01 Fundamental Accounting Principles

Tax Base – The maximum amount of earnings on which a tax is calculated.
The criminal couldn't *account for* his time on the afternoon of the crime. – A bűnöző nem tudott elszámolni az idejével a bűntény délutánján.
The excess of current assets over current liabilities is called – Working capital
non current or long -term liabilities – liabilities that will take longer than a year to settle
Acquisition/Payment Process – acquiring Capital, Property/Plant/Equipment, Raw materials, Labor, Inventory, Goods & Services
Accountant – A Person who plans, summarizes and interprets accounting information
Current ratio – Liquidity ratio that measures companies ability to pay short term obligations
Present tense of reflexive verbs–question 1 Special characters, should you need them:   á   é   í   ó   ú   ñ Todos los días, yo [l1] (despedirse) de mi madre antes de irme para la universidad.
Prepaid Expenses – expense payments made in advance, shows up on the balance sheet as a current asset
Deferrals – Cash comes then you adjust
Present tense оf reflexive verbs–questiоn 1 Speciаl chаrаcters, shоuld you need them:   á   é   í   ó   ú   ñ Todos los días, yo [l1] (despedirse) de mi madre antes de irme para la universidad.
Ethics – Principle of right and wrong that guides an individual in making a decision
Liability – An economic obligation (a debt) payable to an individual or an organization outside the business.
Examples of Current Liabilities – Account payable, Short term notes payable, sales tax payable, accrued liabilities, payroll liabilities, unearned revenue, current portion of long term debt
Deferred Revenue – Cash received for services that will be performed later
Upon receipt of returned merchandise, the supplier usually issues a document confirming the amount of credit allowed that is know as a/an: – Credit memorandum or Credit memo

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