Accounting 610 Chapter 1

Book Value/Undepreciated Cost. – The cost of a fixed asset less its accumulated depreciation.
crediitor – the business or person selling you the item
Generally accepted accounting principles are defined as – Standards or methods for presenting financial accounting info
we got married *on account of* the baby – a baba miatt házasodtunk össze (okán, annak betudhatóan)
*sales* – The total amount charged customers for merchandise sold, including cash sales and sales on account.
shares of common stock – units of ownership in a corporation
Account balance – The amount that is in an account
Return on total equity percentage tells you – The amount of profit generated by each $1 of average equity. A return on equity percentage of 7.5% means every $1 of average equity generates 7.5c of profit for the year
HCN is classified as a weak acid in water. This means that it produces
Work sheet – A columnar accounting form used to summarize the general ledger information needed to prepare financial statements.
Fiscal year – An accounting period of 12 months
A linear cost function can only represent fixed cost behavior. – False
Not affected – When cash is spent in the acquisition of an asset the net worth of a business is
dividend record date – the date the corporation prepares the list of owners that will be paid the dividends; "ex-dividend"
Schedule of Accounts Receivable – A listing of all balances of the accounts in the accounts receivable subsidiary ledger.
General Ledger – primary ledger; contains all balance sheet & income statement accounts
HCN is clаssified аs а weak acid in water. This means that it prоduces
Insurance Premium – The amount paid for insurance protection
A business or organization whose major purpose is to produce a profit for its owners. – economic entity
business ethics – The use of ethics in making business decisions.

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