Accounting Chapter 2

Three Organizations that is development of financial Accounting Standards (GAAP) – 1. Securities and Exchange Commission (SEC)

2. American Institute of Certified Public Accountants (AIPA)

3. Financial Accounting Standard Board (FASB)

diferencias de cambio – exchange gains or losses, differences
Firm Fixed Price – FFP – The basis of the prime contractor's cost experience in performing the contract. This contract type places maximum risk on the vendor. It also provides maximum incentive for the vendor to control costs and perform effectively.
Matching Expenses with Revenue – revenue from business activities and expenses associated with earning that revenue are recorded in the same accounting period
Step 3 of handling a transaction – Prepare and analyze the trial balance
rubros patrimoniales – balance sheet items
manufacturing business – business that makes the product to sell
Which of the following correctly describes the reaction shown?
Independent Contractor – any person who agrees to perform a service for a fee and who is not subject to the control of those for whom the service is performed
Internal Control – The Company's Top Management is Responsible for
Which оf the fоllоwing correctly describes the reаction shown?
Balance Sheet – Section of the worksheet (not Income Statement) used to prepare the financial statements.

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