International Accounting Standards

Ledger – Group of accounts. Records data from business transactions
profit and loss account (P/L) – eredménykimutatás
revenue recognition principle – recognized revenue when earned; principle
What are intangibles? – Assets without physical form e.g. research and development expenditure, patents, licences and trademarks, publishing rights and titles, goodwill, brands
ethics – standards of right and wrong that transcend economic and legal boundaries. Ethical standards deal with the way we treat others and restrain our own actions because of the desires, expectations, or rights of others, or because of our obligations to them.
Fixed costs (VC) – When activity levels increases, total cost remains the same, but cost per unit decreases
Capital – Financial investment in a business; equity.
Current Ratio – (Liquidity) Current Assets/Current Liabilities
Automobiles – …Is a Debit balance account.
A pair of dice is rolled and the sum of the faces of the dice is found.   Find the probability that a person rolled a sum of 6 or less.  Write your answer as a decimal number rounded to three decimal places. Enter your answer only.  No work needed.
Transfer b/w funds for shared expenses from WF to GF (both funds' entries) – General:
DR cash
CR expenditure

Water:
DR expense
CR cash

Cash flow from Operating Activities – Net Income
A pаir оf dice is rоlled аnd the sum оf the fаces of the dice is found.   Find the probability that a person rolled a sum of 6 or less.  Write your answer as a decimal number rounded to three decimal places. Enter your answer only.  No work needed.
owner's equity – the amount remaining after the value of all liability's is subtracted from the value of all assets
bank reconcilitation – matching bank statement with checks
book balance = bank balance

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