Learn Accounting Basics 1

projection/reflecktion – yansıtma
Sole Proprietorship – A business with a single owner
Full Disclosure Principle – All information that might affect the user's interpretation of the profitability and financial condition of a business should be disclosed.
Account balance – The difference between the two sides of an account is called the
Partnership – An unincorporated business owned by two or more persons.
Income before taxes – the profit that a company generates when considering all revenues and expenses except for income taxes
Debit (Dr) – The left side of a T-account.
A child with a protein deficiency develops edema. This is an example of the importance of protein's role in…
Account – A record summarizing all the information pertaining to a single item in the accounting equation.
cash basis accounting – report revenues when cash is received, report expenses when cash is paid
Asset book value – Asset's acquisition costs less its accumulated depreciation (or depletion, or amortization).
Vehicle Renewals – • License plate tags
o Cars are renewed in June
o Trucks are renewed in December
The smaller the residual term the:
a. stronger the relationship between the cost driver and costs
b. weaker the relationship between the cost driver and costs
c. steeper the slope of the cost function
d. gentler the slope of the cost function – a. stronger the relationship between the cost driver and costs
A child with а prоtein deficiency develоps edemа. This is аn example оf the importance of protein's role in…
Chronological Order – Organized in the order in which the events occur.
the general journal is often called the – Book of Original Entry
An increase in which of the accounts will increase owner's equity? – Client fees
Banks often use what when cosidering the advisability of making a loan: – Acid Test Ratio (Quick Ratio)

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