Income statement (P&L) – This statement presents revenues and expenses and resulting net income or loss for a period of time.
Bookkeeping – The recording of business data in a prescribed manner
Amortization – Allocation of the cost of an intangible asset over its service life.
Depreciation for Partial Years – First, compute depreciation for a full year and then multiply the full-year depreciation by the fraction of the year that you held that asset
common stock – when a corporation issues only one class of stock, also called capital stock
What does SITW stand for? – State income tax withholding
An object that is negatively charged will
Income Statement – A statement that reports income for a particular time period.
account for – ausmachen, erklären
Closing the books – Transfers the year-end balances of all income statement accounts to the retained earnings accounts. Dividends account is also closed to retained earnings
stockholders – A person who owns stock in a corporation. Also called a shareholder.
An оbject thаt is negаtively chаrged will
franchise & licenses – rights that a company or governement grants and entity to deliver a product or service under specified conditions
current liabilities – Liabilities that will be due within a short time (usually one year or less) and that are to be paid out of current assets.
The entry to close Management Fee Revenue would be:
A) Retained Earnings
Management Fee Revenue

B) Management Fee Revenue does not need to be closed out

C) Management Fee Revenue
Retained Earnings

D) Management Fee Revenue
Service Revenue – C) Management Fee Revenue
Retained Earnings

accounting – planning, recording,analyzing, and interpreting financial information

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