Accounting Chapter One Vocab

transaction approach – focuses on the income-related activities that have occurred during the period
accounting equasion – Assets = Liabilities + Stockholders' equity
Bond Issuing Procedures – company sells to investors, sells to trustee
Stockholders' Equity – the owners' equity in a corporation
interpreting – explaining the significant events or developments that occur, usually taking the form of analysis and comparisons
Current ratio test – Current assets divided by current liabilities
REVERSING ENTRIES – SPECIAL JOURNAL ENTRIES THAT EASE THE BURDEN OF ACCOUNTING FOR TRANSACTIONS IN THE NEXT PERIOD.
Action First. Dollar later. – Accrual
Companies exclusively using business-to-consumer (B2C) applications _____.
Single-step income statement – Calculates total revenues and total expenses and then determines net income in one step by subtracting total expenses from total revenues
Asset, Balance Sheet, Debit, Permanent – Prepaid Rent
Cоmpаnies exclusively using business-tо-cоnsumer (B2C) аpplicаtions _____.
participación en los votos – voting stock
Statement of owners equity – Financial statement that reveals change in capital
Sales allowance – Customer keeps product but we give them a discount
Client fees – An increase to which of the accounts will increase owner's equity
Cash – asset, increase and normal balance is debit side, decrease is credit side

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