Chapter 1 Introduction To Accounting And Business (accounting Terms)

Current asset – one which will be converted into cash or consume in one year or less
Timeliness – in time to be capable of influencing their decisions
FAIR VALUE PRINCIPLE – assets and liabilities should be reported at fair value (includes marketable securities held by a company)
Cash Basis of Accounting – Revenue and expenses are recorded when cash changes hands
credit balance – Habensaldo, Guthaben
Deduction – An amount that is subtracted from Gross Earnings.
Which of the following is one of the ways used to encourage collaboration among new team members?
Assets – something of value to our business
Fair Value Principle – says that assets and liabilities should be reported at the price they would receive if sold
Balance sheet – A financial statement that reports assets, liabilities, and owners equity on a specific date
Adjustments – Changes recorded on a work sheet to update the general ledger accounts at the end of the fiscal period
owner's equity – the amount remaining after the value of all liabilities is subtracted from the value of its assests.
Equites – Financial rights to the assets of a business.
Which оf the fоllоwing is one of the wаys used to encourаge collаboration among new team members?
corporation disadvantages – less money for shareholders, a lot of employers to pay, money depends on what you invest

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