Accounting 610 Chapter 1

The passage of a new FASB Standards Statement requires the support of

A. all Board members.

B. five Board members.

C. three Board members.

D. four Board members – C. three Board members.

Restrictive Endoursement – an endoursement resetricting further transfer of a checks ownership
bankcard (ATM CARD) – a bank issued card used to conduct banking activities
tangible assets – those assets that can be appraised by value or seen or touched
auditoría de cuentas exigida por ley – statutory audit
Unearned revenues – Get cash from customer from work we have not done yet
To what does the phrase on account refer? – Buying items or services and paying for them at a future date
According to lecture, all countries were poor many centuries ago. 
Proprietorship – Business owned by one person that is not organized as a corporation. (p.10)
A temporary owner's equity account in which the revenue earned from the sales of merchandise is entered would be: – Purchases
Accоrding tо lecture, аll cоuntries were poor mаny centuries аgo. 
Multistep Income Statement – Sales-CGS=Gross Profit-selling expenses-admin expenses=Incom for operations+interest revenue-Interest expense=Income before tax-tax expense=Net income
Transactions – An "economic event" which affects the business
"xxxxxxxxx" Payable – Used when cash is paid in a period AFTER receiving services provided to the company. ie. Salaries Payable; Wages Payable; Rent Payable; Interest Payable; Taxes Payable; If an item does not have a large enough amount to be reported separately, it is included in accrued expenses.
Employee – one who is under the control and direction of an employer with regard to the performance of employment.
Institute of Management Accountants (IMA) – the primary professional association of management accounts, also has a code of professional conduct.

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