Principles Of Accounting Level 1 Chapter 1

Anything having its own separate identity, such as an individual, a town, a university, or a business. – entity
PERIODIC INVENTORY – updates accounting recors only at the end of a period
Accounts Payable Turnover – COGS/Accounts Payable
depreciation (capital loss) – extraordinary costs, expenses
bank endorsement – an endorsement that only cosists of the endorser's signature
half-year convention – designed to simplify computing taxable income
"Working Capital Turnover" Classify, Calculate, and Interpret – Activity Ratio

Working Capital Turnover = [ Revenue / Average Working Capital ]

AKA: "NET" working capital = Current assets – Current Liabilities. Utilization of working capital in terms of dollars of sales per dollar of working capital.

statement of cash flows – A statement that reflects the cash inflows and outflows of a business for a period of time
Kate Bornstein argues that while one may change gender, one's sexual desires (whether one is “homo” or “hetero”) remains fixed and permanent.
Receiving a payment from a customer on account would: – have no effect on total assets
Inventory turnover – A ratio that indicates the liquidity of inventory by measuring the number of times average inventory sold during the period; Cost of goods sold/the average inventory
Recording/Data Entry. – The committing of a business transaction and the events surrounding such into writing.
Phil Casey, Capital – ANN ACCOUNT THAT represent an owners 's equity of debit and credits in ledger account
Account tittle – The name given to an account
Transaction – A business activity that changes assets, liabilities, or owner's equity
Market Value Per Share – The selling price of the stock as indicated by the most recent transactions.
Kаte Bоrnstein аrgues thаt while оne may change gender, оne's sexual desires (whether one is “homo” or “hetero”) remains fixed and permanent.
Contra – Sales Returns and Allowance is a ______ account
Owner's Equity includes ; – Owner's capital & revenues
Owner's drawings & expenses
Net Income appears on which financial statement(s)
A) Statement of retained earnings
B) Income statement
C) Balance sheet
D) Both A and B – D) Both A and B

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