Accounting

Bought Equipment for cash – Equipment [Increases]-Cash [decreases].[Both] Assets.
Debit and Credit
Balance Sheet
Business formed by one individual – Sole proprietorship
accounts receivable – Right to receive money from a customer,in the future, as the result of a sale
notes payable – Balance sheet
Long-term Liab.
Public accounting – The segment of the accounting profession that relates to providing audit, tax, and consulting services to clients.
What are some advantages of using monthly accounting periods in your personal balance
sheet? – The advantages include tracking regular monthly living expenses (eg rent, cell phone) frequently assessing realistic expectations, and controlling errors.
Drawer – A person who signs a check or draft ordering payment to be made is called the
76. Which accounting number has the single greatest impact on stock prices?
A. Total dividends.
B. Total assets.
C. Total revenues.
D. Net income. – D. Net income.
Relevant Range – the range of activity (volume of units produced or sold) where the assumptions about cost behavior (variable or fixed) are valid.
Interest Revenue – …Is a Credit balance account.
As per the Fair Labor Standards Act, the current Federal minimum wage stands at _____.
Qualitative Characteristics – -Understandability
-Relevance
-Faithful Representation
-Comparability
-Consistency
An expected value is the weighted average of the outcomes, with the probability of each outcome serving as the weight. – True
As per the Fаir Lаbоr Stаndards Act, the current Federal minimum wage stands at _____.
Expenses – Are the costs necessary to earn revenues. Expenses decrease equity.
19.Auditor – is a qualified accountant who inspects the accounting records and practices of a business or other organization.
revenues – Einnahmen, Erlöse, Einkünfte
Expense – A decrease in owners equity resulting from the operation of a business
service business – business perform activity for fee

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