Basic Accounting Terms

net profit equation – gross profit-expenses
If a funeral home sells funeral service on a 30 day account, the entry to record the transaction would be to – Debit accounts receivable, credit sales
Depreciation – a reduction in the value of an asset with the passage of time, due to wear and tear.
Income tax rate – Tax expense / income before taxes
Account equation – : an equation showing the relationship among assets, liabilities, and owner's equity
An explanation of a topic under consideration by the Financial Accounting Standards Board. – discussion memorandum
Which of the following is not an advantage of vascular tissue?
Intent of FASB's Conceptual Framework – Establish objective,s concepts, and principles that are the basis for development of financial accounting and reporting guidance.
Creditor – Any person or business to a business owes money
Going Concern – that the business with remain in operation for the forseeable future
Adjusting Entries – closing the revenue and expenses accounts that have been changed in the current fiscal period. These account amounts are entered into Income Summary and the left of from that (because the revenue and expenses do not have to equal one another) goes into the capital account as either a net loss or net gain.
controls for cash – mailroom or retail sales area for receipts
treasurer for custody
controller for recording
internal audits
Which оf the fоllоwing is not аn аdvаntage of vascular tissue?
Supplies – A type of asset that will be consumes as it is used

This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply