Chapter 1 Introduction To Accounting And Business (accounting Terms)

resultados de inversiones en compañías vinculadas – gains or loss on investments in related companies
analyzing – looking at the events that have taken place and thinking about how they affect the business
40. On January 1, 2012, Gucci Brothers Inc. started the year with a $492,000 balance in Retained Earnings and a $605,000 balance in Common Stock. During 2012, the company earned net income of $92,000, paid a dividend of $15,200, and issued more common stock for $27,500. What is total stockholders' equity on December 31, 2012?
A. $1,231,700.
B. $1,097,000.
C. $1,201,300.
D. $1,588,300. – C. $1,201,300.
medicare tax – a federal tax paid for hospital insurance
Stockholders – Owners of a corporation; also called Shareholders.
annual statement of account – Jahreskontoauszug
Gallium has an atomic mass of 69.723 amu.  The Ga-69 (68.926 amu) is 60.11%.  What is the amu of the other isotope?
An example of internal user is – managers
Reducing-balance method – Depreciation method resulting in a decreasing charge to periods over the useful life
Conceptual Framework for Financial Reporting: Second Level: ____ and ____ – Bridge between levels 1 and 3
Balance in allowance for doubtful accounts at end of year – Beginning Balance + Bad Debt Expense Estimate – Write-Offs = Ending Balance
Adjusting entry for prepaid expense – Results increase (a debit) to an expense account and a decrease (a credit) to an asset account
Three ways to recognize revenue – 1) Customer Pays cash when service or product is delivered

2) Customer pays after service or product is delivered

3) Customer pays before service or product is delivered

Cash – Normal Balance: Debit
Type of Account: Asset
Financial Statement: BS
Gаllium hаs аn atоmic mass оf 69.723 amu.  The Ga-69 (68.926 amu) is 60.11%.  What is the amu оf the other isotope?
"expenses" – money spent for costs that do NOT provide "probable future economic benefit" are called "expenses".

expenses are NOT reported on the balance sheet (they are reported on the income statement)

Assest – Anything of value that is owned
typical basket purchase – purchase building and the land on which the building is located for a single price
Sale On Account – A sale for which cash will be received at a later date.
IASB (Acronym) – International Accounting Standards Board

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