Financial Accounting

asset – a future economic benefit
Statement of Owner's Equity – A formal report of changes that occurred in the owner's financial interest during a reporting period.
break down – aufschlüsseln, aufgliedern
Акционерный капитал к оплате – Called-up share capital
tax services – Provide help in preparing and filing of tax returns and the rendering of advice on the tax consequences of alternative actions.
Net income/net earnings – Excess of total revenues over total expenses. Also called net earnings or net profit.
A written promise to pay a creditor a certain amount in the future: – Notes payable
Bold-face type is appropriate to show importance when writing in APA-format.
Debit – the left side of an account, or the act of entering an amount into the left side of an account
What is the difference between accounts receivable and notes receivable – Receivable arise from credit sales, called sales account, when the customer receives the goods and pays later
Ledger – A group of accounts constitutes a
(Cash Flows) Depreciation/ depletion/ amorization – Operating Activities (add)
Straight Line Depreciation – Method that allocates an equal portion of the depreciable cost of plant asset (cost minus salvage) to each accounting period in its useful life.
Bоld-fаce type is аpprоpriаte tо show importance when writing in APA-format.
Contra Accounts – an account whose balance reduces the value of the account it describes; used to arrive at the book value of assets. Ex: Accumulated depreciation – building is used to determine the realistic value of the building.
Consistency – Accounting methods and procedures are applied in the same manner from period to period
Disclosing entity – An entity that issues securities that are listed or traded on a stock market or for which a prospectus has been lodged or those offered under a takeover offer
accumulated deficit – a debit balance in retained earnings
Assets – The possessions of people or businesses, such as cash and equipment.

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