Principles Of Accounting Level 1 Chapter 1

work sheet – a columnar accounting form used to summarize the general ledger information needed to prepare financial statements
Credit – when you buy property and agree to pay for it later.
round lot – an amount of stocks that is usual trading number such as 100 on NYSE
Assets – resources controlled by a business
Stock Split – Is an increase in the number of authorized shares by a specific ratio; it does not decrease retained earnings.
Non-current assets – Assets that will remain with the business for a long period of time
Budgeted Income Statement – Budgeted Income Statement is an accounting report which predicts revenues earned and expense incurred for the budget period.
Working capital – The capital of a business that is used in its day-to-day trading operations, calculated as the current assets minus the current liabilities
Limited Liability – the liability of a firm's owners for no more than the capital they have invested in the firm
Sociologists use the term __________ in referring to subtle discrimination that effectively blocks the movement of women into the highest positions in organizations.
23.OFHEO – Office of Federal Housing Enterprise-the federal regulatory body that oversees the government-sponsored entities (GSEs), Freddie Mac and Fannie Mae. Agency charged with ensuring capital adequacy, a ratio of a bank's capital to its risk, and financial safety and soundness of Fannie Mae and Freddie Mac.
Net Income – the difference between total revenue and total expenses when total revenue is greater
What type of liability does accrued Liabilities fall under? – Current Liabilities
Sоciоlоgists use the term __________ in referring to subtle discriminаtion thаt effectively blocks the movement of women into the highest positions in orgаnizations.
Bond Principal – Is the amount (a) payable at the maturity of the bond and (b) on which the periodic cash interest payments are computed.

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