Acc 211 Principles Accounting I

Entry – Information for each transaction in the journal
Accounting – a language of business employed to communicate financial information based upon the recording, classification, summarization, and interpretation of financial data is called
A language of business employed to communicate financial information based upon the recording, classification, summarization, and interpretation of financial data is called – Accounting
Which of the following items would NOT appear in an income statement? a)delivery expense; b) accounts receivable c)service revenue d)utilities expense – B) accounts receivable
current liabilities – a present obligation of the entity that has to be paid within 12 months
two steps to analyze money – FIRST STEP
is to analyze what changes with each transaction

SECOND STEP
is to quantify the economic impact of the change

Fair value principle – An accounting principle stating that assets and liabilities should be reported at fair value( the price reduced to sell an asset or settle a liability)
Regarding the standard pattern of Arithmetic Gradient, it is crucial to remember that the first transaction begins after three empty periods and its value must be = G value.       
Cost of Merchandise- – the price a business pays for goods it purchases to sell
Balance Sheet – a financial statement that reports assets, liabilities, and owner's equity on a specific date
Customer – A person or business to whom merchandise or services are sold
Regаrding the stаndаrd pattern оf Arithmetic Gradient, it is crucial tо remember that the first transactiоn begins after three empty periods and its value must be = G value.       
assets – anything of value that is owned.
Code of Conduct – A statement that guides the ethical behavior of a company and its employees.

This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply