Accounting 100

Creditors control – Total bussiness owes to to creditors
Unearned Revenue – Normal Balance: Credit
Type of Account: Liability
Financial Statement: BS
Trial Balance – A proof of the equality of debits and credits
Staff department – provides services, assistance, and advice to the departments with the line or other staff responsibilities
Who are the users of financial statements? – -Investors and Potential Investors
-Creditors and Potential Creditors
Accrued revenues – Revenues earned in a period that are both unrecorded and not yet received in cash; adjusting entries for recording accrued revenues involve increasing assets and increasing revenues
fundamental accounting equation – The equation upon which all double-entry bookkeeping is based: Assets equal liabilities plus owners' equity
Changing consumer demands are driving increased use of air cargo by business leaders to deliver orders quickly.
Consignor – The person or business concern by whom a shipment is made
A formal report of business operations covering a specific period of time; also called a profit and loss statement or a statement of income and expenses. ( has a three line heading: Business name; what kind of statement; the third line show that the report covers operations over a period of time.) [the income statement reports revenue; expenses;and the result is net income or net loss] – Income Statement
facturas correlativas – sequentially numbered invoices
Income taxes payable – Liability
Chаnging cоnsumer demаnds аre driving increased use оf air cargо by business leaders to deliver orders quickly.
C.P.A. – Certified Public Accountant

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