Chapter One Accounting In Action

Unearned revenues – Get cash from customer from work we have not done yet
Neutral-not biased – not manipulated to be preceived favorably or unfavorably by user
assets – resources owned or controlled by an entity that will produce benefits in the future
T – Account – Looks like a T with debits on the left and credits on the right / records transactions.
Check – form ordering a bank to pay cash from your account
Common Stock and Capital – The total amount of cash received from all owners reported under stockholders equity
Discuss accounting as the language of business and the role of accounting information in making economic decisions. L01 – Because accounting is widely used to descirbe all types of business activity, it is sometimes referred to as the language of business. Costs, prices, sales volume, profits, and return on investment are all accounting measurements. Investors, creditors, managers, and others who have a financial interest in an enterprise need a clear understanding of accounting terms and concepts if they are to understand and communicate about the enterprise.
The primary purpose that mythology held to various cultures was
Unearned revenue – credit balance, balance sheet, permanent, liabilities
extraordinary profit & loss – rendkívüli eredmény
The primаry purpоse thаt mythоlоgy held to vаrious cultures was
stop payment order – an order by a depositor requesting a bank not to pay on a check previously issued
Purchases – an account used in the periodic inventory system that is not used in the perpetual inventory system
The Uniform System of Accounts for Restaurants – A system of accounting guidelines and procedures developed for the use of hotel and lodging properties.

This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply