Accounting Test Suppl Questions

statement of financial position – name for balance sheet.
Adjusting entries – Journal entries recorded to update general ledger accounts at the end of a fiscal period
A point at which revenue equals expenses. – Break Even
Copyrights – Is the exclusive right to publish, use, and sell a literary, musical, or artistic work.
What is a Conservatism Principle? – Gains will not be recognised and earned and losses will be recognised as soon they are likely to occur.
Merchandise companies – Can make/sell their own product. Or sell product from another
going concern assumption – the entity will remain in operation for the foreseeable future
In the early Roman republic, which group controlled political power and military leadership?
External transactions – are exchange of values between two entities, which yield changes in the accounting equation.
Business formed by one individual – Sole proprietorship
accounting equation – Assets = Liabilities + Equity
Capital Expenditures – Big items that go on balance sheet. Ex: Land, equipment…
balance sheet equation – assets = liability + equity
Purchase Invoice – A bill received for goods purchased.
A total, written in small pencil figures, under the last entry in a column is the – Footing
In the eаrly Rоmаn republic, which grоup cоntrolled politicаl power and military leadership?
rental revenue – Income statement
Other revenues and gains

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