Acc 211 Principles Accounting I

two constraints – The materiality constraint – The cost-benefit constraint
Units produced – units in month+(units in next month x %) -units in month x %
explicit transactions – triggered by a specific event, often an exchange of resources between two parties
acid test ratio is the same name as – Quick ratio
debit – Paid rent: _________ rent expense
Partnership – A business owned by one person.
Owners equity – The amount remaining after the value of all liabilities is subtracted for the value of all assets
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Management accounting – the type of accounting that foucuses on reporting info to management:often referred to as accounting for internal users of accounting info.
calculator tapes – print out of sales for the day
Market – people who show similar needs and wants and can buy the product
which preposition goes with 'purpose'? – The purpose of this report is …
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public accounting firms – provide the service of reviewing financial reports and providing an opinion whether or not the financial statements are presented in conformity with generally accepted accounting principles ("audit")

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