Accounting 1: Chapter 1 Century 21 9e

Transaction – An exchange between an entity and other parties.
Prepaid expense – services paid for before the service is provided to the company is an asset called ???
SFAC2 – Qualitative Characteristics – Relevance
-Predictive value
-Confirmatory value
-Materiality
Faithful Representation
-Completeness
-Neutrality
-Free from error
surgeon – A doctor who is trained to perform surgery.
overtrade – przesadzińá w operacjach handlowych
revenue recognition principle – revenue should be recognized when it is EARNED and collection is easily assured
Which of the following decision makers is least likely to be among the users of management accounting reports developed by Sears Roebuck and Co.?
Chronological. – In accounting, to record in order of time.
Accounting Cycle – To identify, analyze record, and summarize transactions.
books – a companys financial records
Corporation – An organization with the legal rights of a person and which many persons may own.
withdrawals: – : assets taken out of a business for the owner's personal use
Accounting – The process of planning, recording, analyzing, and interpreting financial information. Also known as the language of business.
Which оf the fоllоwing decision mаkers is leаst likely to be аmong the users of management accounting reports developed by Sears Roebuck and Co.?
file maintenance – The procedure for arranging accounts in a general ledger, assigning account numbers, and keeping records current
Recordingkeeping – Part of accounting that involves recording transactions and events, either manually or electronically; also called bookeeping. (p.4)

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