accounting – planning, recording, analyzing, and interpreting financial information.
Profit – The primary purpose of a business is
Three Major Cost Assumptions for Inventory – FIFO, LIFO, Average cost (weighted average of inventory)
american institute CPA (AICPA) – the professional organization for certified public accounting
temporary accounts – are kept for each period and then transfer the balances of revenues, expenses and dividends to the retained earnings account.
Depreciation Expense – …Is a Debit balance account.
Entity – An organization or a section of an organization that, for accounting purposes, stands apart from other organizations and individuals as a separate economic unit.
Applied Overhead – Predetermined x machined hours of DLH
leasehold improvements – when a lesse pays for alterations to the leased property
Pre payments – They remain assets until they run out
Which pH indicates that it is the strongest base?
Markup – The amount added to the cost of merchandise to establish the selling price
Serial Bonds – Bonds that mature at various dates.
statement of owner's equity – it shows the activity related to owners (STOCKHOLDERS) during a period of time

it shows receipt of funds from the owners (ISSUE STOCK) and payments back to the owners (DIVIDENDS)

it shows the NET the business earned for the owners

Which pH indicаtes thаt it is the strоngest bаse?
Issuance of Stock Effects – Increase assets
no effect on liabilities
increase stockholders' equity
the notes receivable decreases when the other party repays what is owed to the company – …
Independent auditor's report – A report, prepared by a certified public accountant for the public shareholder, stating an opinion on whether the financial statements present fairly, in conformity with GAAP, the company's financial condition and results of operations and cash flows

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