Century 21 Accounting Chapter 1

Goodwill – = Purchase Price- FV of net asset acquired
Equity – Asset-Liability
The owner's financial interest in the business
leases – agreements that allow one party to use the assets of another party for a stated period of time
identification – التعريف ، التمييز
Declining-balance method – Method that determines depreciation charge for the period by multiplying a depreciation rate (often twice the straight-line rate) by the asset's beginning-period book value.
55. Expenses are shown in which of the following statements?
A. Income statement.
B. Statement of cash flows.
C. Balance sheet.
D. Statement of stockholders' equity. – A. Income statement.
retained earnings – The amount of stockholders' equity that the corporation earned through profitable operation and has not given back to stockholders.
Longterm investments – Balance sheet
(investments in bonds, common stock or long-term notes, sinking funds, pension funds, investments in nonconsolidated subsidiaries or affiliated companies)
Common way of expressing the value of items in a business – Monetary principle
A university committee is using Foresight and Strategic Doing to improve their general education curriculum.  Which of the following would NOT be true?
Accounting – Information and measurement system that identifies, records, and communicates relevant information about a company's business activities. (pg4)
Common Stock – stock with voting rights; investors generally desire appreciation of value or the ability to influence operations.
A university cоmmittee is using Fоresight аnd Strаtegic Dоing to improve their generаl education curriculum.  Which of the following would NOT be true?
fiscal year – A 12 month period for which financial reports are prepared.
Revenue recognition concept – In general, revenue is recognized when an exchange has taken place Irrespective of Cash or Credit

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