Accounting Chapter 1

DIRECT LABOR SPENDING VARIANCE – DL RATE VARIANCE + DL EFFICIENCY VARIANCE
Invoice – a source document showing quantity, description, prices of items, total amount of purchase and the terms of payment.
Privatisation of services – It is increasingly common that states are privatising essential service delivery and running away from their responsibility to provide free basic services for citizens. Experience shows that when services are privatised, the most marginalised suffer the most. There are therefore two more important accountability relationships to consider: that between government officials and private providers and that between private providers and citizens. Private providers are usually a group consisting of frontline staff and their managers. These accountability relationships are often very unclear, even non-existent.
reserva legal – legal or statutory reserve
General Amount Column – A journal amount column that is not headed with an account title.
Withdrawls – assets taken out of a business for the owner's personal use
Salaries and Wages Payable – Liabilities
We get this term from the tribes who held power in various regions of Europe between the collapse of the Roman Empire and the establishment of the Holy Roman Empire.
accounts payable = [type] – liability
Transaction – A business activity that changes assets, liabilities, or owner's equity.
Taxable – Group life insurance
This leads to specialization of a task – Division of Labour
The equation showing the relationship among assets, liabilities, and owner's equity – Accounting equation
We get this term frоm the tribes whо held pоwer in vаrious regions of Europe between the collаpse of the Romаn Empire and the establishment of the Holy Roman Empire.
batch processing – gyűjtővel faló feldolgozás
Journal – A book in which the daily transactions of a business are first written is the
Trial Balance – lists all accounts and their balances at a given time, useful in preparing financial statements
Layout: Assets, Liabilities, Stockholder's Equity
cash sale – A sale in which cash is received for the total amount of the sale at the time of the transaction

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