Principles Of Accounting Level 1 Chapter 1

purchase returns and allowances – a way money can come back to a business
personal net worth – the difference between personal assets and personal liabilities
Depreciation Methods – Straight line,Declining balance, Units of production
Re-classifications – The initial recording of a transaction does not result in assigning revenues to the period in which they were earned or expenses to the period in which they were incurred
"held for resale" – differentiates inventory from other operational assets
Under the LCM approach market value is defined as
A. FIFO cost.
B. LIFO cost.
C. current replacement cost.
D. selling price. – C
According to tradition, whose body is buried here?
annuity – yıllık düzenli gelir
treasurer – employee responsible for the management of a companys cash.
privately held corporation – does not allow investment by the general public and normally has fewer stockholders
Outstanding Stock – The number of shares that the stockholders own (the number of shares outstanding in the hands of the stockholders).
– It is issued stock minus treasury stock
Personal net worth – The difference between personal assets and liabilities
Return on equity – measures income for each dollar invested
Tax Accounting – Reports to the government
Accоrding tо trаditiоn, whose body is buried here?
Journal – A form of recording transactions in chronological order
Not a transaction when: – 1.no service provided 2. No current right to receive 3.no cash movement that needs to be recorded
Merchandising Company – earns net income by buying and selling merchandise

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