Accounting _

working capital – excess of total current assets over total current liabilities
prepaid expenses – expenses paid in cash before they are used/consumed
trade receivable – what receivables are sometimes referred to as because they arise from the trade of the company
Reasons for high gross cost – • Fleet mix (too many SUVs)
• Inflation
• Depreciation
declining balance method – double-declining
*depreciation rate is determined by doubling the rate of used in the straight-line method
residual value is initially ignored
book value= residual value
prepaid expense adjustment – requires the allocation of a previously paid and recorded cost between the current and future periods
Long-lived assets – tangible things like buildings and equipment; and intangible things like patents, trademarks and copyrights.
Accounting – Planning, recording analyzing & interpreting information.
expense – a decrease in owners equity resulting from the operation of a buisness
Note: Remember that you if you're taking this exam using HonorLock you will be video recorded the entire time.  A real person reviews EVERY video to look for cheating.  I also personally have access to these videos.   Which of the following lists levels of human structure from the most complex to the simplest?
corporation – A business owned by stockholders. A corporation is a legal entity, an "artificial person" in the eyes of the law.
Are indirect method and direct method of cash flow accepted under GAAP? – YES
Nоte: Remember thаt yоu if yоu're tаking this exаm using HonorLock you will be video recorded the entire time.  A real person reviews EVERY video to look for cheating.  I also personally have access to these videos.   Which of the following lists levels of human structure from the most complex to the simplest?
Supplies – asset, increase and normal balance is debit side, decrease is credit side

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