Principles Of Accounting Vyc1

Expanded Accounting Equation – Assets= liabilities + equity (owner capital – owner withdrawels + revenues – expenses)
Combination Journal. – A book of original entry which combines into one journal the features of the two-column general journal and a special journal.
Closed – An entry on the credit side of an expense account indicates the account has been
Auditing – Checking the accuracy of a business's accounting system to check and report on whether accounting records are properly kept and show a true and fair view of the financial performance, cash flows and financial position of the entity
List Permanent accounts – A/P, A/R, Capital, Prepaid Rent, cash, equipment, prepaid insurance
Common Stock – Capital stock that provides voting rights and rights to earnings after dividends are distributed to preferred stockholders.
corporation – owned by stockholders for shares
Direct materials – These items include raw materials that become an integral part of the finished goods.
Capital – Net worth; Owner's equity; proprietorship. the amount by which the total assets exceed the total liabilities of a business; an owner's financial interest in a business.
She fashioned the main points of what would later become the liberal feminist movement, arguing simply for equal opportunity for women.
INVENTORY – ALL THE GOODS THAT THE COMPANY OWNS AND EXPECTS TO SELL TO CUSTOMERS IN THE NORMAL COURSE OF OPERATIONS
Plant assets – Tangible assets that are both long-lived and used to produce or sell products or services. Examples include equipment, machinery, buildings, and land that are used to produce or sell products and services.
Income statement – the key components of this statement are net sales, cost of goods sold, gross profit, total operating expenses, and net income (loss).
Decrease in a current asset will – increase
Accounting Assumptions – 1.Economic entity
2.Going Concern
3.Accounting period
4.Matching
5.Monetary Concept
She fаshiоned the mаin pоints оf whаt would later become the liberal feminist movement, arguing simply for equal opportunity for women.
Sources of financial information: – Valuing assets at historical cost
Revenue recognition rule
Conservatism
Accounting for transactions only

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