101 Understanding The Accounting Equation, Debit And Credits

cash – Received cash for sales: debit ________
Closing Entries – journal entries used to prepare temporary accounts for a new fiscal period
61. Liabilities are shown in which of the following statements?
A. Income statement.
B. Statement of cash flows.
C. Balance sheet.
D. Statement of stockholders' equity. – C. Balance sheet.
Dividends – taxable payment made to the owners of a business or shareholders in a business
Mortgage Payable. – A long-term liability; a written promise that pledges real property as security for payment of a debt.
financing activities – Activities that obtain from investors and creditors the cash needed to launch and sustain the business; a section of the statement of cash flows.
FOB destination point – terms that require the seller to pay for the cost of shipping the merchandise to the buyer
canceled checks – check the bank has paid and deducted from the depositors account
Auditors (role) – verify the effectiveness of internal controls
Familiarity with department personnel (Accounting Supervisor & Business Administration upper management) – • Controller
• Jane Ashcroft- Assistant Controller
• Julia Graumon- Accounting Supervisor
• Brian Devlin- Accounting Supervisor
• Cory Sparks- Accounting Supervisor
After some manipulation, we can transform the quantity theory of money equation. From the transformed equation, we see that the exchange rate between currencies A and B is  related to the ratio of the money supply in those to countries.  
Cost-Benefit Relationship – Principle that states the cost of providing financial information must not outweigh the benefit of the information to the users.
producing departments – units within an organization responsible
for producing the products or services that are sold to customers.
Lessor – Party to a lease who grants another party (the lessee) the right to possess and use its property.
After sоme mаnipulаtiоn, we cаn transfоrm the quantity theory of money equation. From the transformed equation, we see that the exchange rate between currencies A and B is  related to the ratio of the money supply in those to countries.  
File Maintenance – the procedure for arranging accounts in a general ledger, assigning account numbers, and keeping records current
PP&E Turnover – (Sales Revenue/Ave. Fixed Assets)
2 categories of equity – common stock
retained earnings
Sole Proprietor – One owner/Sole trader fully liable for the business's debts (unlimited liability: personal assets can be sold to pay for the business's debts)

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