Principles Of Accounting Level 1 Chapter 1

revenue – income earned by a business from it's operations; revenue increases owner's equity, assuming expenses remain constant or do not exceed the increase in revenue
Double taxation – When corporations are taxed on income tax, and when investors are taxed on income in dividends
owners equity – the owners right to or investment in the business
limited partnership – A partnership in which one or more of the partners have limited liability; there must be at least one general partner
Account Form Balance Sheet – A balance sheet that lists assets on the left and liabilities and owner's equity on the right (see Report Form Balance Sheet)
Shareholders Equity – the amount invested and reinvested in a company by its shareholders
T account – An accounting device use to analyze transactions
WACC – weighted average cost of capital
=(Ke * (equity /capital) + (Kd*(1-tax))*(debt/capital)

-capital= market value equity + market value debt

property – items of value that are owned or controlled by a business; economic resources of a business
Cytoplasmic µ, in the immunologic classification of ALL, is expressed in __________ ALL.
Qualitative Characteristics of Financial Information – Information should be Relevant and Reliable.
contractual situations – explanations of certain restrictions or covenants attached to specific assets or, more likely, to liabilities
Actual OH < OH applied – overapplied (subtract from COGS)
Gain on Disposal – …Is a Credit balance account.
How should outstanding checks be treated on the bank reconciliation – They should be deducted from the balance per bank
General Amount Column – anything that doesn't go under a special amount column
Expense – An outflow of cash, use of other assets, or incurring of a liability.
Cytоplаsmic µ, in the immunоlоgic clаssificаtion of ALL, is expressed in __________ ALL.
retail sales tax – a tax imposed on tangible personal property sold at retail
Entry – Бухгалтерская запись (проводка)
Outstanding checks – checks issued and recorded by a company that have not been paid by the bank.
Cost Principles – assets should be recorded at their historical cost
What is the earned capital held for future use in the business called? – Retained Earnings

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