Accounts, Debits And Credits

Historical Cost – the actual amount paid for merchandise or other items bought is recorded
budget account – Haushaltskonto
Auditing – Receiving and testing to be certain that proper accounting policies and practices have been followed
Ledger – a book or file containing a separate page for each business account; serves as a permanent record of financial transactions.
Business transactions – an economic event that causes a change in assets, liabilities, or owner's equity.
Honesty – The quality or fact of being honest, truthfulness
Examples of Expenses – Costs of Employee time, Use of Supplies & Advertising, Utilities, and Insurance services from others.
information and communication – – internal and external reporting process
Which is NOT true of the Renaissance?
NOT-FOR-PROFIT – ORGANIZATION THAT HAS BEEN APPROVED BY THE INTERNAL REVENUE SERVICE TO OPERATE FOR A RELIGIOUS, CHARITABLE, OR EDUCATIONAL PURPOSE.
Entry – information for each transaction recorded in a journal
accounting equation – an equation showing the relationship among assets, liabilities, and owner's equity
Effective Tax Rate – Tax Expense/Pretax Income
debit balance – normal balance of asset, expense and drawing account
Which is NOT true оf the Renаissаnce?
effective date – yürürlülük tarihi
Notes receivable – Formal credit arrangements evidenced by a written debt instrument or note

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