recording sales discounts and sales allowances – debit: Account receivables
credit: Revenue
Income Statement – Financial statement that shows the results of operations for the period.
Large companies often assign independent internal verification to the
A. bookkeeper.
B. controller.
C. internal auditors.
D. treasurer. – C
Statement of net worth (statement of owner's equity) – a formal financial statement which summarizes all of the changes in owner's equity during a specified period of time.
administrative or general expenses – a subsection of the operating section reporting expenses of general administration
Source Document – The first record of a business transaction
A classified balance sheet:
effective date – yürürlülük tarihi
30. The account type that represents payments to stockholders is called:
A. Liabilities.
B. Assets.
C. Stockholders' equity.
D. Dividends. – D. Dividends.
international rule makers – IASB
Retained earnings – The amount of stockholder's equity that the corporation has earned through profitable operation and has not given back to stockholders.
A clаssified bаlаnce sheet:
Transaction – Activity that changes assets, liabilities, or owner's equity
tax reduction – vergi indirimi
One to whom money is owed. – creditor
Debt to total assets ratio – (Solvency) Total Liabilities/Total Assets
Statement of cash flows – A financial statement that provides financial information about the cash receipts and cash payments of a business for a specific period of time.

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