Leaving Cert Accounting Ratios

explanation – THIRD on journal below credits and to the right- 1"
fecha de cierre de ejercicio – year end date
*business entity concept* – A concept of accounting that limits the economic data in the accounting system to data related directly to the activities of the business.
What is Relevance? – Information must be relevant to the decision-making needs of the business. If the information influences economic decision of the business then it is considered relevant (Information must be important/useful)
SFAC1 – Third Objective in Conceptual Framework – Objective 3: Information Useful in Assessing Company Cash Flows
entity – An organization or a section of an organization that, for accounting purposes, stands apart from other organizations and individuals as a separate economic unit.
Obligations (amounts owed) are reported on the balance sheet and are referred to as – Liabilities
Statement of Receipts and Payments – an accounting report which lists cash receipts and payments during a reporting period, the change in the bank balance, and the opening and closing balance
A person with type AB blood would have ____________ antigens on red blood cells, and ___________ antibodies carried in the plasma.
Dividends Distributions – to shareholders as a return on their investment.
Net loss – Expenses total more that revenue
A persоn with type AB blооd would hаve ____________ аntigens on red blood cells, аnd ___________ antibodies carried in the plasma.
Note Receivable. – A written promise of a customer to pay the business a sum of money at a future date.
slide – the error that results in adding or deleting zeros when writing numbers (70,200-7,020)
Source Document – proof of a transaction
GST – is a broad-based tax of 10 per cent on the supply of most goods and services consumed in Australia.

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