Basic Accounting Math

asset – can be potentially converted to cash
Auditors – Individuals hired to review financial reports and information systems
Notes Receivable – 1. Assets
2. Balance Sheet
3. Debit
4. Permanent
international financial reporting standards (IFRS) – accounting standards, issued by the IASB, that have been adopted by many countries outside of the US
independent internal verification – principle of internal control
Management accounting – the type of accounting that foucuses on reporting info to management:often referred to as accounting for internal users of accounting info.
Delivery Expense – Normal Balance: Debit
Type of Account: Expense
Financial Statement: IS
steadily – állandóan(stabilan)
Has to do with locks KNOW – Physical control
If a customer does not pay the amount owed within the sales discount period, the full invoice amount is due. – True
Which of the following is not a true statement?
Accounts Payable Ledger – A subsidiary ledger containing only accounts for vendors from whom merchandise or other items are purchased on account.
temporary accounts – accounts used to accumulate information until it is transferred to the owner's capital account
Transaction – event that has a financial impact on the business
Which оf the fоllоwing is not а true stаtement?
consigned goods – goods held for sale by one party although ownership of the goods is retained by another party
What is the Going concern assumption? – The assumption that the company will continue in operation for the foreseeable future.

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