Accounting Test Suppl Questions

File Maintenance – The procedure for arranging accounts in a general ledger, assigning account numbers, and keeping records current
Depreciation – a synonym for fair wear and tear of a durable asset is
Name the 2 international accounting systems – GAAP: generally accepted accounting principles, used in USA
IFRS: international financial reporting standards, used in EU

Both of them are standards

assets – Resources a business owns or controls that are expected to provide current and future benefits to the business.
Additional Paid-In Capital – is the amount of capital contributed by the shareholders less the par value of the stock
Going-Concern Assumption – Principle that prescribes financial statements to reflect the assumption that the business will continue operating.
Issuing Equity to Finance Operations – Creates no liabilities or interest expense
-No income effect
-less risky, more costly
Net loss – The difference between total revenue and total expenses when total expenses are greater
Expenses – a decrease in assets, other than withdrawals by the owner, which result from efforts to produce revenues.
Fair value Principle – This principle indicates that assets and liabilities should be reported at fair value. Ex. Active stock market quotes for trade securities. In these relatively rare circumstances Fair Value may be more important measurement than cost.
A developer wants to have some rows (based on static criteria) in a large table (not the whole table) copied close to real-time to a database at a remote location for read-only purposes. What do you recommend?
Statement of cash flows – A financial statement that provides financial information about the cash receipts and cash payments of a business for a specific period of time.
Share of Stock – Each unit of ownership in a corporation.
*general-purpose financial statements* – A type of financial accounting report that is distributed to external users. The term "general purpose" refers to the wide range of decision-making needs that the reports are designed to serve.
liability – an amount owed by a business.
Treasury stock – Corporations repurchase of its outstanding common stock
A develоper wаnts tо hаve sоme rows (bаsed on static criteria) in a large table (not the whole table) copied close to real-time to a database at a remote location for read-only purposes. What do you recommend?
statement of account – Kontoauszug /Kontoabrechnung

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