International Accounting Standards

Accounting equation – assets = liabilities + owners' equity
Social Security Tax – A federal tax paid for old-age survivors and disability insurance
Profit – Excess of revenue over expenses
Accounting System – A planned process for providing financial information that will be useful to management
Financial Accounting Standards Board (FASB) – A private-sector group primarily responsible for developing the rules that form the foundation of financial reporting.
tickler file – A file that contains a folder for each day of the month; invoices are placed in the folders according to their due dates.
The most important number on the income statement is the – Net income also known as the bottom line
revenue – Inflows from primary activities, increases to retained earnings. Sales
Expense – A decrease in resources resulting from the sale of goods or provision of services
specific identification inventory cost flow method – Each item sold & purchased is individually identified; Required for goods that are not ordinarily interchangeable; & that are produced & segregated for specific projects.
If criminologists want to see the direct effect of one factor on another, such as determining whether playing violent video games will impact the aggression of players, they conduct:​
stated value – the legal capital assigned per share to no par stock
Restrictive endorsement – an endorsement restricting further transfer of a check's ownership
Three principles of Accrual Accounting – 1. Revenue Recognition Principle
2. Expense Recognition Principle
3. Matching Principle
Market planning – understanding concepts and strategies to develop and target marketing strategies to a specific group
If criminоlоgists wаnt tо see the direct effect of one fаctor on аnother, such as determining whether playing violent video games will impact the aggression of players, they conduct:​
Debt to equity Ratio – Total liabilites divided by Total Stockholders Equity
inventory valuation at lower of cost or market – if the replacement cost (market) of inventory falls below its cost, then the value of inventory is reduced to market and a loss is recorded

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