Financial Accounting

false – To record the sale of goods for cash in a perpetual inventory system only one journal entry is necessary to record the receipt of cash and the sales revenue.
Statements of owner's equity – Report of changes in equity over a period; adjusted for increases (owner investment and net income) and for decreases (withdrawals and net loss).
Outstanding checks – checks issued and recorded by a company that have not been paid by the bank.
Owner's Equity – = Assets – Liability. the amount of assets that owners have a right to, or interest in, in te even of termination
Monetary unit – Transactions and events expressed in terms of money, often in the currency where a company operates or is registered
Investing Activities – Cash increases or decreases related to long term assets
Qualitative enhancing characteristics – Comparability, Verifability, Timeliness, Understandability
Accounting System – a planned process for providing financial information that will be useful to management.
Balance Sheet – Financial Statement which shows the financial position of the business at the end of the period.
financial accounting – focuses on reporting information to external users
Older adults sometimes suffer from a condition that makes their bones more hollow and brittle and may lead to a bent or stooped posture. This condition is called:
What accounting constraint is illustrated by the items below?

(a) Greco's Farms, Inc. reports agricultural crops on its balance sheet at fair value.

(b) Rafael Corporation discloses fair value information on its loans because it already gathers this information internally.

(c) Willis Company does not disclose any information in the notes to the financial statements unless the value of the information to financial statement users exceeds the expense of gathering it.

(d) A broker-dealer records all assets and liabilities at fair value. – A. Industry Practices
B. Cost Constraint
C. Cost Constraint
D. Industry Practices

inventory – merchandise a firm holds or manufactures
Asset, Balance Sheet, Debit, Permanent – Notes Receivable
The result of an excess of expenses over revenue. – Net Loss
Allowed – Employer paid Private medical plans
Footing – The totaling of a column in a journal or ledger account is called
Older аdults sоmetimes suffer frоm а cоndition thаt makes their bones more hollow and brittle and may lead to a bent or stooped posture. This condition is called:
Work Sheet – A columnar accounting form used

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