Principles Of Accounting Vyc1

Income statement (P&L) – This statement presents revenues and expenses and resulting net income or loss for a period of time.
If ABC Funeral Home sells a funeral service on account (30 day); the entry would be recorded as: – Credit Accounts Receivable/Debit Revenue
What are the two main reasons for recognizing an expense – To keep track of the amount and type of expenses occurred and to show the reduction of owner's equity
Estimated Liabilities – Known obligation of an uncertain amount, but one can be reasonably estimated.
Using a budgeted income statement to plan – …
t-account – an accounting tool used to analyze a business transaction
What is the primary absorption site for digestible carbohydrates?
Funding Period – Period of time when Federal funding is available for obligation by the recipient.
Net Income – Net Profit. the difference between gross profit and expenses when gross profit is larger.
The results under FIFO in a perpetual system are the same as in a periodic system.
A. True
B. False – TRUE
Expense – A decrease in owner's equity resulting from the operation of a business
Withholding allowance – A deduction form total earnings for each person legally supported by a taxpayer, including the employee
Closing entries are made – C. in order to transfer net income (or loss) and dividends to the retained earnings account.
flow of capital – Kapitalverkehr
Whаt is the primаry аbsоrptiоn site fоr digestible carbohydrates?
Cash and Credit Sale – Two type of sale are
dividend dates (3) – declaration
record
payment
One who is involved in the process of recording info in the accounting process is know as the: – Accounting clerks

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