Uil Accounting

Under a periodic system, the company uses separate accounts to record freight costs, returns, and discounts.
A. True
B. False – TRUE
Business Entity – exists independently of its owner's personal holdings
Operating Cash flows/Average total assets – Cash Return on Assets
liabilities – What the business owes to others (debts)
trial balance – a list of all ledger accounts with their balances.
Free Cash Flow to Equity(FCFE) – Operating Cash Flow-Capital Expenditure+\-Change in Debt
Which of these does not qualify as a current asset? – Land
Asset accounts – assets are resources owned or controlled by a company
Which of the following accounts will appear in the trial balance of a merchandising company but not a service company?
A. Salaries Expense.
B. Inventory.
C. Accumulated Depreciation.
D. Dividends. – B
SECTION 11: Reading comprehension–question 5 MI COMPAÑERO DE CUARTO Daniel es mi compañero de cuarto. Este semestre él estudia cuatro materias. Los lunes y los miércoles toma clases de historia y sociología. Los martes y los jueves toma clases de computación y periodismo. Daniel toma el autobús para viajar a la universidad y desayuna en la cafetería de la universidad porque su primera (first) clase es a las siete de la mañana. Los fines de semana, él trabaja en un laboratorio. A Daniel le gustan (he likes) las lenguas extranjeras. Por eso desea viajar a Madrid para (in order to) estudiar español.   Cierto o falso–Daniel trabaja en la cafetería.
long term liabilities – éven túli kötelezettségek
to warn – to make aware of a possible danger or threat
deudores de cobro dudoso – doubtful debts
Total Assets = – Total Liabilities + Total Stockholder's Equity
drawings – when the owner takes cash from the business for his or her own use
Petty Cash – An amount of cash kept on hand and used for making small payments.
SECTION 11: Reаding cоmprehensiоn–questiоn 5 MI COMPAÑERO DE CUARTO Dаniel es mi compаñero de cuarto. Este semestre él estudia cuatro materias. Los lunes y los miércoles toma clases de historia y sociología. Los martes y los jueves toma clases de computación y periodismo. Daniel toma el autobús para viajar a la universidad y desayuna en la cafetería de la universidad porque su primera (first) clase es a las siete de la mañana. Los fines de semana, él trabaja en un laboratorio. A Daniel le gustan (he likes) las lenguas extranjeras. Por eso desea viajar a Madrid para (in order to) estudiar español.   Cierto o falso–Daniel trabaja en la cafetería.
copyright – gives its owner the exclusive right to publish and sell a work during the life of the creator plus 70 years, although the useful like od most copyrights is much shorter
ACCRUAL-BASED ACCOUNTING – ACCOUNTING THAT RECORDS REVENUES WHEN EARNED AND EXPENSES WHEN INCURRED
What is the primary objective of accounting? pp 4 – To provide information that is useful for decision making purposes. Accounting is not an end, but rather a means to an end.
assets – something that arises from a past transaction, is under the present control of the business and is of future economic benefit to the business
Equities – Financial right to the assets of a business

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