Financial Accounting Final

partnership – an association of two or more persons who co-own a business for a profit.
Depreciation – A synonym for fair wear & tear of a durable asset is
permanent accounts – Accounts that accumulate information across accounting periods.
Account – A separate record used to summarize changes in each asset, liability, and owner's equity of a business.
fixed asset – befektetett eszköz, (állóeszköz)
Depreciation Expense – the periodic expense created by allocating the cost of plant and equipment to the periods in which the are used
What are the major functions of the intervertebral discs?
Source Document – a business paper from which information is obtained for a journal entry
list the 4 major alternative cost-flow assumptions – specific identification
FIFO
LIFO
weighted average
Accounting Equation – An equation showing the relationship among assets, liabilities, and owner's equity.
Corporation – A legal entity that is separate and distinct from its owners
Whаt аre the mаjоr functiоns оf the intervertebral discs?
equity – the owners claim to the assets of the business
bull market – a market where stock prices are rising, favoring a bull

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