Acc 211 Principles Accounting I

Dow Jones Average – deteermines how market is doing at a whole
long-term liabilities – obligations that a company does not reasonably expect to liquidate within the normal operating cycle
Matching Expenses with revenue – A concept that's applied when revenue from business activities and expenses associated with earning that revenue are reported during the same accounting period.
account balance – The amount in an account
interés resarcitorio – compensatory interest
Profit Margin – Net income/ sales
limit order to sell – an order to sell stocks only if the can be sold a certian price
reliability concept – information that is reliable when it is independently verified
In rural of Guatemala, similar to the ones where the boys visited, it is estimated that 40% of the people live under the poverty line. 
Par Value – Amount of legal capital in stock price
adjusting entries – journal entries recorded to update general ledger accounts at the end of a fiscal period
UNEARNED (DEFERRED) REVENUE – Liability incurred from the advanced payment of products or services that have not yet been provided; adjusting entries involve increasing revenue and decreasing unearned revenue. (subscriptions, ticket sales, gift cards)
In rurаl оf Guаtemаla, similar tо the оnes where the boys visited, it is estimated that 40% of the people live under the poverty line. 
Closing Entries – Journal entries used to prepare temporary accounts for a new fiscal period.
Liabilities – Non-owners (creditors) claims on assests
an increase in equity resulting from the sale of foods or services – revenue

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