Financial Accounting Equations

(Objectives of financial statements)timely information notes& disclosures – info should be provided on a timely basis sufficient info should be presented in notes and disclosure
Percentage Of Net Credit Sales – Method to estimate the expense for uncollectible accounts by basing the rate on the company's past experience with uncollectible accounts and management's assessment of current business conditions. Example: .80% of net credit sales will be uncollectible.
Decrease Inventory – Increase asset
Purchase journal (P) – records only purchases we have made on Credit from a supplier..No cash purchases
Balance sheet – Shows assets liabilities and owners equity
Owners equity – The amount remaining after the value of all liabilities is subtracted for the value of all assets
Dividends – The amount of the earnings taken out of the business and given to the owners this period
Purchase discount – a cash discount claimed by a buyer for prompt payment of a balance due
other long-term assets decrease when… – the company sells them
What project management methodology works best for projects with probabilistic task times?
Increase in the owner's equity resulting from business operations is known as – Income
cost accounting – The branch of accounting dealing with the recording, classification, allocation, and reporting of current and prospective costs in order to aid operations personnel in controlling operations
personal account – Debit: Receiver
credit: Giver
Whаt prоject mаnаgement methоdоlogy works best for projects with probabilistic task times?
account (general meaning) – főként a 'szám' szóból eredő sokféle szó és kifejezés, pl. történelmi beszámoló (historic account), számla, számot ad, elszámol, számlájára írható (oka), stb…
Source Document – Business record used to prove a transaction occurred

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