Principles Of Accounting Level 1 Chapter 1

what is SEC? – U.S securities and Exchange commision – an angency whose primary focus is to regulate the interstate sale of stocks and bonds
Deferred – Put off for a future period
long term liabilities – liabilities owed for more than a year
Net income/ Net sales – Profit Margin Ratio formula
Пролонгированный кредит – Extended credit
A business form ordering a bank to pay cash from a bank account – Check
IPO – a formal name for going public
A large cell is called a _____________.  
owners equity – the amount remaining after the value of all liabilities is subtracted from the value of all assets
SEC – ( Securities and Exchange Commission) rules for organizations to sell ownership shares to public
Cash flows from investing activities – Cash flows from transactions that affect investments in the noncurrent assets of the company
Normal operating cycle – The period of time required to purchase goods & services & turn them back into cash is called
recovering bad debt – two entries when collecting later payments. First reverse write-off. Second record amount for reinstated account. Two separate entries: debit accounts receivable, credit allowance for doubtful accounts; debit cash, credit accounts receivable
A lаrge cell is cаlled а _____________.  
Double-entry accounting – The recording of debit and credit parts of a transaction.

This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply