Accounting Chapter 9 Vocabulary

Assets – =Liabilities+Stockholders' Equity, economic resources owned by a entity/company (cash, inventory, plant and equipment), anything that provides future benefit to a fir, initially measured at the cost incurred to acquire it
breakdown of fixed costs – Aufschlüsselung der Fixkosten
The Treaty – Document instructing about communication between attorneys and auditors due to confidentiality conflict
Probable – claimant not winning extremely doubtful, client winning slight
Remote – client not winning extremely doubtful, claimant winning slight
4. Which of the following groups is not among the external users for whom financial statements are prepared?
A. Creditors.
B. Regulators.
C. Investors.
D. Managers. – D. Managers.
7 assets – cash, accounts receivable, notes receivable, prepaid expenses, land, building, and equipment
Accounting System – A planned process for providing financial information that will be useful to management.
Extension – An additional period of time given by the sponsor to an organization for the completion of work on an approved grant or contract. It allows previously allocated funds to be spent after the original expiration date.
remain unchanged – unverändert bleiben
Auditors are most likely to gather audit evidence solely using substantive procedures
partnership – business that is owned by two or more people
Score cards – These are a participatory, community-based approach for assessing government services or facilities by grading them according to a range of scores.
Auditоrs аre mоst likely tо gаther аudit evidence solely using substantive procedures
management accounting – about financing, investing, and operating activities to achieve the goals of profitability and liquidity
Corporation – A legally created entity that is owned by one or more persons.
Estimated Liabilities – Known obligation of an uncertain amount, but one can be reasonably estimated.
Income Taxes Payable – Current and Accrued Liability

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