Account

future value – value at a later date of a single sum that is invested at compound interest
term bonds – bonds secured for payments – maturity date
What is Materiality? – The constraint of determining whether an item is large enough to likely influence the decision of an investor or creditor.
Indefinite Lives of Intangible Assets – Tested for loss in value (impairment)
– Ex) Goodwill
the primary purpose of a business – profit
Cost Principle – A principle that states that acquired assets and services should be recorded at there actual cost
company should sue similar practices as the majority of th firms in the industry – industry practices exception
According to our theory of solar system formation, why did Uranus and Neptune end up to be much less massive than Jupiter and Saturn?
Statement of cash flows – explains how a company obtained and used cash during the accounting period
Accounting equation – Assets=Liabilities+Owner's Equity is the
Operating expenses – expenses incurred in the normal operation of a business.
History cost – All transactions are recorded at net cash exchange value
Selling Expenses/Distribution Costs – Expenses related to the selling of the goods/inventory, e.g. advertising, delivery expenses, travelling expenses.
Financial Statements – Revenue and expense balances from the adjusted balance sheet go on the IS that determines the income for that accounting period.
Income from the IS and equity from adjusted trial balance make the SE this determines the overall equity.
Balance sheet had all the adjusted balances from the IS and SE accounts together and provides accurate FS
Which of the following best describes Owner's Capital on a proprietorship's balance sheet?
a. The owner's original contribution to the company
b. The owner's original contribution to the company plus the cumulative profits of the company
c. The owner's original contribution to the company plus any subsequent direct contributions plus the cumulative profits of the company minus any withdrawals that the owner has made
d. The owner's original contribution to the company minus any withdrawals that the owner has made – c. The owner's original contribution to the company plus any subsequent direct contributions plus the cumulative profits of the company minus any withdrawals that the owner has made
Accоrding tо оur theory of solаr system formаtion, why did Urаnus and Neptune end up to be much less massive than Jupiter and Saturn?
account – an individual accounting record of increases and decreases in specific asset, liability, stockholders' equity, revenue, or expense items

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