C4 Classify Accounts

Profit Margin – (Operating Income)/(Net Sales)
Economic Entity Assumption – The economic activities of a company can be accumulated and reported in a manner that assumes the company is separate and distinct from its owners or other business units.
wage – a form of compensation usually for skilled and unskilled labor, expressed in terms of hours, weeks or pieces completed
Report Format – assets, liabilities, owner equity
journal – Book of original entry.
Transactions recorded in chronological order.
The change in current assets and current liabilities will be reported on the – cash flow statement
Profit and Loss Statement – The amount of income from the sale of funeral services would be shown on which formal financial statement?
An EEG shows the presence of gamma waves. We can assume that the individual connected to the EEG is:
Solvency – ability to pay debts when they come due in the long-term
Seperation of accounting records of a company from the records of the company's owner or owners – Entity Concept
Restrictive endorsement – An endorsement restricting further transfer of a check's ownership
The totaling of a column of a journal or ledger is called – Footing
Profitability Ratios – measure potential earnings
A service that involves tax compliance and tax planning. – tax accounting
An EEG shоws the presence оf gаmmа wаves. We can assume that the individual cоnnected to the EEG is:
Plant assets – Tangible assets that are both long-lived and used to produce or sell products or services. Examples include equipment, machinery, buildings, and land that are used to produce or sell products and services.

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