Learn Accounting Basics 1

Direct Deposit – The net pay is deposited in the employees in the employee's personal bank account by the employer.
business entity assumption – assumes it is it's own business
cobro de dividendos – collection of dividends
SALES RETURNS AND ALLOWANCES – DECREASES IN THE SELLER'S RECEIVABLE FROM A CUSTOMER'S RETURN OF MERCHANDISE OR FROM GRANTING THE CUSTOMER AN ALLOWANCE FROM THE AMOUNT OWED TO THE SELLER.

A CONTRA ACCOUNT TO SALES REVENUE

Revenue – increase in assets or a decrease in liabilities that a company obtains by providing customers with goods or services
Dividends – Normal Balance: Debit
Type of Account: Owner's Equity
Financial Statement: RE
accounting equation – Assets= Liabilities+Owners equity
Difference in net income (when units produced > units sold) – =FOH/unit x (units produced-units sold)
Salries – Monthly payment for a pernament employee
Which structure synthesizes clotting factors and the vitamin K necessary for hemostasis?
Current liabilities – debts of the business that must be paid within the next accounting period.
Code of Conduct – ethical behavior of a company's employees
Terminal Summary – The report that summarizes the cash and credit card sales of a point-of-sale terminal.
Which structure synthesizes clоtting fаctоrs аnd the vitаmin K necessary fоr hemostasis?
SARBANAES-OXLEY ACT OF 2002 – ENACTED TO HELP PROTECT THE INTERESTS OF THOSE WHO INVESTED IN PUBLICLY TRADED COMPANIES BY IMPROVING THE RELIABILITY AND ACCURACY OF THE CORPORATE FINANCIAL REPORTS AND DISCLOSURES. A VERY IMPORTANT REFORM OF CORPORATE GOVERNANCE
an increase in equity resulting from the sale of foods or services – revenue
Under a periodic system, the company uses separate accounts to record freight costs, returns, and discounts.
A. True
B. False – TRUE

This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply