Accounting Chapter 1

97. The conceptual framework's qualitative characteristic of faithful representation includes:
A. Predictive value.
B. Neutrality.
C. Confirmatory value.
D. Comparability. – B. Neutrality.
fishmonger – one who sells fish
Merchandise – goods purchased for resale at a profit
What is an asset? – An asset is a possession that can be evaluated and assessed in monetary terms. Assets are goods that are worth money. An asset a/can be sold for money or can be used to generate an income.
bonds payable decreases when… – the company repays money that it borrowed
owner's equity – represents the insider claims of a business,
Direct Labor – Consists of labor costs that can be easily traced to individual units of products. Direct labor is sometimes called touch labor because direct labor workers typically touch the product while it is being made.
Current Assets – Cash or other assets that will be converted into cash or consumed within one year
going concern assumption – The company will not go out of business in the near future. Not liquidating
What have you learned about Burma in terms of key institutions? Develop an essay that explains fully.  
Governmental funds measure current —- resources and uses —- basis of accounting. Proprietary, trust and agency funds measure —- resources and use —- basis of accounting. – Financial
modified accrual
Net loss – The difference between total revenue and total expenses when total expenses is greater
2nd step of Accounting Cycle – record transactions in general journal
Net purchases – purchases minus purchases returns and allowances minus purchase discounts.
Managerial Accounting – area of accounting that serves the decision-making needs of internal users; also called management accounting.
private accounting – the field of accouting whereby accountants are employed by a business firm or a not for profit organization
Money measure – all business transactions are recorded in terms of money
Whаt hаve yоu leаrned abоut Burma in terms оf key institutions? Develop an essay that explains fully.  
Risks – Civic action usually involves challenging power holders to change their policies and behaviour towards people living in poverty. We advocate peaceful approaches to social change, but even this can sometimes involve risks for social activists which can manifest themselves as threats and violence. Carrying out a structured risk assessment can help in selecting strategies, or thinking through how to minimise risks.
Fixed- Assets – Productive assets (PP&E) that are not intended for sale.

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