Accounting 2301 First Exam

The monetary unit assumption – ii.
Principles & Assumptions of Accounting 6: Going concern assumption – accounting information reflects the presumption that the business will continue operating
Copyrights – intangible asset; reproduce written work
Consistency – a company uses the same method each year for calculating inventory
Basic accounting theory is based on – Double entry
#23. Unearned revenue is classified as a(n): – liability account
debit office supplies and credit accounts payable – purchase of office supplies on credit is recorded by
What is a group's formal and informal means of enforcing norms called?
Rent Expense – 1. Expense
2. Income Statement
3. Debit
4. Temporary
to set up a website – основать сайт
Time Period – artificial time periods for reporting purposes
Whаt is а grоup's fоrmаl and infоrmal means of enforcing norms called?
Revenues – Gross increase in equity from a company's business activities that earn income; also called sales. (p.23)
Restrictive Endorsement – an endorsement restricting further transfer of a check's ownership
Know how to calculate the various ratios (formulas will be provided) and understand their indications: – 10.

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