Accounting Chapter 9

term bonds – bonds secured for payments – maturity date
revenues – inflows or other enhancements of assets of an entity or settlements of its liabilities during a period form delivering or producing goods, rendering services, or other activities that constitute the entity's ongoing major or central operations
What type of fund is a debt service fund? – Governmental fund
accruals – transactions where cash changes hands after revenue or expense is recognized
fixed assets – Another name for property, plant, and equipment.
Book Value – Undepreciated Cost. The cost of a fixed asset less its accumulated depreciation.
Revenue,Income Statement, Credit, Temporary – Service Revenue
Partnership – 2 or more, both liable
public accounting firms – provide the service of reviewing financial reports and providing an opinion whether or not the financial statements are presented in conformity with generally accepted accounting principles ("audit")
Operating activities – Activities that create revenue or expenses in the entity's major line of business; a section of that statement of cash flows. Operating activities affect the income statement.
It is illegal for countries to use trade barriers to protect new or emerging industries from global competition. As such, we don't see examples of this.  
Large companies often assign independent internal verification to the
A. bookkeeper.
B. controller.
C. internal auditors.
D. treasurer. – C
Taxes payable – Balance sheet
Current Liab.
Management accounting – Overall management of the business, particularly the financial management through the preparation of budgets
Business Entity – exists independently of its owner's personal holdings
sistema de lo percibido – cash receit basis method
accounting equation – the basic tool of accounting. Measuring the resources of the business and the claims to those resources . Assets=Liabilties + Equity
It is illegаl fоr cоuntries tо use trаde bаrriers to protect new or emerging industries from global competition. As such, we don't see examples of this.  
Auditors – Individuals hired to review financial reports and information systems
The increase of net worth due to the excess of income over costs and expenses is called – Profit
book value – cost of equipment less accumulated depreciation

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