Basic Accounting Math

Fiscal year – Consecutive 12-month period chosen as the organization's annual accounting period
return on assets – eszközarányos megtérülés
debt to equity ratio – total liabilities/stockholders' equity
tests of profitability – these show operational performance and efficiency of the project
Long-term Liabilities – Obligations due in more than one year
Income Statement/Profit and Loss Statement/Statement of Operations/Operating Statement. – A formal financial statement which presents the income, expenses, and resulting net profit or net loss for a given period.
Who established FICA and when? – Franklin D. Roosevelt in 1935 in the New Deal
account title – The name givin to the account
Hydrogen bonds will form between molecules of compounds in which hydrogen is bonded to atoms of elements with
activity dictionary – a list of activities described by specific attributes
such as name, definition, classification as primary or secondary,
and activity driver.
Cashflow statement – Отчет о движении денежных средств
Straight-line depreciation – Allocates EQUAL AMOUNTS of the assets over their expected useful lives.
Conceptual Framework for Financial Reporting: First Level: The "——" – The "why" purpose of Accounting


Owner invested cash in business – Cash (i.e. J.R. Doe, Capital)
Class: Assets and Owner Equity.[both] increase.
Debit and Credit
Financial Statement: Balance Sheet and Statement of Owner's Equity.
Accounting Standards for Private Enterprise – accounting rules for Canadian private business
Liabilities – Current maturities of long term debt, accounts payable, accrued expenses and other current liabilities, income taxes payable.
Hydrоgen bоnds will fоrm between molecules of compounds in which hydrogen is bonded to аtoms of elements with
#11. Which of the following accounts normally has a debit balance? – equipment
Indirect Labor – labor costs that cannot be physically traced to particular produces or that can be traced only at great cost and inconvenience.
What is the purpose of internal controls? – The purpose of internal controls is to provide reasonable assurance regarding the effectiveness and efficiency of operations, reliability of financial reports and compliance with applicable laws and regulations.

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