Accounts, Debits And Credits

Accounting entity assumption – That activities of the entity are separate from those of its owners or members
non-for-profit organizations – these organzations operate for purpose other than making a profit.
"Cash Conversion Cycle" Classify, Calculate, and Interpret – Liquidity Ratio

Cash Conversion Cycle = [ (Days sales Outstanding) + (Days of Inventory on Hand) – (Number of days of Payables) ]

Length of time it takes to turn the firm's cash investment in inventory back into cash. HIGH: implies company has excessive amount of capital investment in the sales process.

Cash – 1. Asset
2. Balance Sheet
3. Debit
5. Permanent
Income statement – shows revenues earned the expenses in cured and the resulting net income or net loss for a specific period of time.
revenues
– expenses = net income / net loss
Bank statement – a report of deposits, withdrawals, and bank balances sent to a depositor by a bank
Sale on account – A sale for which cash will be received at a later date
Деловая репутация организации – Goodwill
How many stereoisomers are there for the compound shown below?
Who are the users of financial statements? – -Investors and Potential Investors
-Creditors and Potential Creditors
-Others
The listing of all of the accts available for use in a company's accounting system is known as the – Chart of accounts
Cost Principle – Requires assets to be recorded at historical cost-cash paid plus the current dollar value of all none cash considerations given on the date of the exchange.
Return on Assets – Net Income/Average Total Assets
Public corporation – A separate legal entity in which ownership is available to the public at large
Hоw mаny stereоisоmers аre there for the compound shown below?
Dividends – Debit Balance, Retained Earnings, Temporary, Owners Equity
Job – one distinct unit or set of units for which the costs of production
must be assigned

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