Wgu C213 Accounting For Decision Makers

accurate – conforming exactly or almost exactly to fact or to a standard or performing with total accuracy
money spent is called a…. – "cost" or an "expenditure"
Drawing Account – Another term for Withdrawal Account
Service Business – -sells a service to the public that has value
-ex. dentist, lawyer, hair dresser, etc
The accounting assumption that states that the business, rather than its owners, is the reporting unit is the:
A) historical cost assumption
B) stable-monetary- unit assumption
C) entity assumption
D) going concern assumption – C) entity assumption
Anything owed by a business is a/an: – Liabilities
capital – the account used to summarize the owner's equity in an business
Balance Sheet reports… – Assets, Liabilities, stockholders equity
Charles Darwin's grandfather Erasmus Darwin, an English physician and philosopher,
Temporary Accounts – Flow elements. Revenue, expenses, gains, losses
collection of note rec – note + interest – collection fee
liability – debt of a business
fair market value (FMV) – used to determine respective costs to be assigned to each asset
straight foward – direct approach to a problem
Chаrles Dаrwin's grаndfather Erasmus Darwin, an English physician and philоsоpher,
debit card – a bank card that automatically deducts the amount of a purchase from the checking account of the cardholder
copyrights – 70 yrs. – amortized
exclusive right to produce/sell artistic work
Fair Value – Amount that the business could sell the asset for
This journal is used to record year end adjustments – general journal

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