Financial Accounting: Ch 3 Adjusting The Accounts

to hire a staff – нанимать персонал
Net loss – Total expenses are greater than total revenues
Memorandum – a brief written message that describes a transaction that takes place within a business.
Double entry – Recording debit and credit parts of a transaction
owner's equity – The amount remaining after the value of all liabilities is subtracted from the value of all assets.
Administration Expenses – those relating to the daily running of the business.Eg Rent, telephone
In Mendel’s garden, a tall plant is mated with a short plant. The F1 generation consists of 30 tall plants and 10 short plants.  Tall is dominant to short.  What can you (correctly) say about the genotype of the tall parent?  
the difference between assets and liabilities – equity
PROPRIETORSHIP – A BUSINESS WITH A SINGLE OWNER
relevance – The degree that accounting information bears on the decision process, primarily by providing timely feedback on an enterprise's financial condition and performance.
In Mendel’s gаrden, а tаll plant is mated with a shоrt plant. The F1 generatiоn cоnsists of 30 tall plants and 10 short plants.  Tall is dominant to short.  What can you (correctly) say about the genotype of the tall parent?  
Work sheet – a columnar accounting form used to summarize the general ledger information needed to prepare financial statements
If initial budgets prove unacceptable, planners achieve the MOST benefit from:
a. planning again in light of feedback and current conditions
b. deciding not to budget this year
c. accepting an unbalanced budget
d. using last year's budget – a. planning again in light of feedback and current conditions
Balance sheet – lists the assets and the corresponding claims on those assets as of a particular date
withdraws – Assets taken out of a business for the owners personal use
Synonym for Income Statement – Profit & Loss Statement

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