Accounting

Revenues – The gross inflows from customers.
Debt contract – A contract between a lender and borrower
Accounts often need to be adjusted because – B. many transactions affect more than one time period
Advertising expenses would be reflected on the – Income statement
partnership – An association of 2 or more persons who co-own a business for profit.
expenses – costs incurred to generate revenue
Dividends – Stockholders' Equity
​Lake City enacts an ordinance that bans the distribution of all printed materials on city streets. Mackensie opposes the city’s latest “revenue-enhancing” measure and wants to protest by distributing handbills. In her suit against Lake City, a court would likely hold the ban on printed materials to be
strategic planning – Which is developing long-term (expanding) actions to achieve the company's objectives. long term actions are called strategies, which often involve periods of 5 to 10 years
Overdraft – the issuance of a check without sufficient funds in the account when it is presented for payment.
Manufacturing Overhead – Includes all costs incurred at the manufacturing facility to make products that are not considered direct material or direct labor; The total manufacturing overhead dollars are spent to support the manufacturing of ALL PRODUCTS;
Balance Sheet debit accounts – cash, accounts receivable, supplies, automobiles, land, building and equipment
Which of the following best describes the historical cost concept?
a.
Recording revenues in the period in which they are earned.
b.
Adjusting assets to reflect inflation
c.
Recording transactions in terms of money
d.
Recording transactions based on the cost at the time of the transaction.
e.
Adjusting assets to reflect an increase in their value – d.
Recording transactions based on the cost at the time of the transaction.
Income from Operations – Gross profit – operating expenses
general ledger – The collection of all accounts.
​Lаke City enаcts аn оrdinance that bans the distributiоn оf all printed materials on city streets. Mackensie opposes the city’s latest “revenue-enhancing” measure and wants to protest by distributing handbills. In her suit against Lake City, a court would likely hold the ban on printed materials to be
Generally accepted accounting principles
(GAAP) – The rules of financial accounting.
to maintain – поддерживать, сохранять
обслуживать
What is the purpose of internal controls? – The purpose of internal controls is to provide reasonable assurance regarding the effectiveness and efficiency of operations, reliability of financial reports and compliance with applicable laws and regulations.

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