Accounting I: Financial Accounting Ch 2

cash-flow statement – pénzforgalmi jelentés
Liability – a future economic sacrifice an entity is presently obliged to make as a result of a past transaction.
Balance sheet – Snapshots of company's assets and liabilities / shows accumulated earnings or loses
balance sheet – a financial statement that reports assets,liabilities, and owners equity on a specific date
Classified balance sheet – A balance sheet that contains standard classifications or sections.
Management accounting – Part of the accounting system to meet needs of managers and internal users
A person who is agreeable in nature will be _____.
accounting systems – The branch of accounting that covers the review of a firm's entire information system, not just the accounting system
Double Entry Accounting/Double Entry Bookkeeping. – A process of recording equal debits and credits for a single business transaction.
Temporary Accounts – revenue, expense, and divided accounts used to capture accounting information for a single accounting cycle
Accounting Principles – 1. Mixed Attribute Measurement Model
2. Recognition
3. Accrual Accounting
4. Conservatism
A persоn whо is аgreeаble in nаture will be _____.
going concern – the accounting assumption that a business is expected to operate in definitely
Cash cycle/days funding – = inventory days+ receivable days – payable days
(+)=requires funding
(-)=provides funding
appreciation (capital gain) – financial income, income
taxes – operating costs, expenses
held-to-maturity – debt securities that a company has the positive intent and ability to hold to maturity

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