Accounting _

Adjusting Entry – made at the end of an accounting period to reflect a transaction or event that is not yet recorded.
Effective Tax Rate – Tax Expense/Pretax Income
assets – cash at bank, debtors suppliers and it equipment
net worth statement – a formal report that shows what an individual owns, what an individual owes, and the difference between the two
Audit – systematic examination of a company's accounting system to determine whether its financial reports fairly represent its operations
accumulated dep'n – non current contra asset
Revenue – Income received by a business, e.g. Sale Revenue inflows/gains of future economic benefits that result in increase in assets or decrease in liabilities and increase owner's equity.
In 330, Emperor Constantine moved his capital from Rome to Constantinople, which is this modern city (and in this modern country).
Shareholders – Owners of a company who receive dividends (reward for shareholdings).
recording closing entries – transfer the end of the period balances in revenue, expense, and dividends accounts to the permanent retained earning account
proprietorship – is a business owned by one person
For variable manufacturing overhead, there is no:
a. spending variance
b. efficiency variance
c. flexible-budget variance
d. production-volume variance – d. production-volume variance
Accountant. – One who is concerned with the design of the system of records, the preparation of reports based upon the recorded data, and the interpretation of the reports.
Cash and other assets that can be reasonably expected to be converted to cash, used up, or sold within one year or less – Current assets
Fiscal Period – the length of time for which a business summarizes and reports financial information
In 330, Emperоr Cоnstаntine mоved his cаpitаl from Rome to Constantinople, which is this modern city (and in this modern country).
Know if a debit or credit increases or decrease the various accounts – b.
Prepaid items – deferred expenses
assets – resources owned or controlled by a company such as land, equipment, accounts/notes receivable, cash.
Footing – A small pencil figure written at the base of an amount column showing the sum if the entries in the column.

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