Fundamental Accounting Principles

stockholders equity – Ownership right of the owners of the entity in the assets that remain after deducting liabilities
unit of measure – economic data be recorded in dollars
loss – businesses that spend more money then they earn.
Sales journals(S) – used to records sales made on credit not cash
conversion agents – transform resources such as trees into desirable products such as furniture
Proprietorship.
Partnership.
Corporation – Forms of business ownership
blank statement – A report of deposits, withdrawals, and bank balances sent to a depositor by a bank.
Given the following Hat class:  Write statements to accomplish each of the following. Read carefully!  Each statement should perform exactly the operations described. Declare a Hat array named inventory [declare_array] Create a Hat array with four entries and assign it to inventory.  [make_array] Declare a Hat variable named lid. [declare_variable] Create a Hat object with the style “Fedora” and size 7.5. Store a reference to the object in lid. [create_hat] Assign lid to the final entry in inventory. Your statement should not contain any literal values. [last_element] Declare a variable named mySize and initialize it with the size of lid.  [my_size]  
active accounts – aktif hesaplar
Expenses – Expenses are a decrease in assets or increase in liabilities which causes a decrease in equity and is not a distribution to the owner.
Statement of Financial Performance/Income Statement – A statement listing all revenues and expenses of a business and showing net profit/surplus or net loss for the accounting period.
True – T or F: When items are bought and paid for later this is referred to as buying on account.
Financial Accounting – -The branch of accounting concerned with the preparation of financial statements for outsider use
Given the fоllоwing Hаt clаss:  Write stаtements tо accomplish each of the following. Read carefully!  Each statement should perform exactly the operations described. Declare a Hat array named inventory [declare_array] Create a Hat array with four entries and assign it to inventory.  [make_array] Declare a Hat variable named lid. [declare_variable] Create a Hat object with the style “Fedora” and size 7.5. Store a reference to the object in lid. [create_hat] Assign lid to the final entry in inventory. Your statement should not contain any literal values. [last_element] Declare a variable named mySize and initialize it with the size of lid.  [my_size]  
Net profit – revenue less expenses
Accounts Receivable – Those who owe the business money (Debtors)

This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply