Unit 1 Accounting (basic Accounting Principles)

Expenses – Outflows or other using up of assets or incurrences of liabilities (or a combination of both) during a period from delivering or producing goods, rendering services, or carrying out other activities that constitute the entity's ongoing major or central operations.
profit reserve – eredménytartalék
internal transactions – events that affect the financial position of the company but do not include an exchange with a separate economic entity.
Equites – Financial rights to the assets of a business.
guidelines for ethical decisions (3 steps) – identify ethical concerns
analyze options
make ethical decision
merchandising business – buys finished products and results them individuals or other businesses.
The volume of blood ejected by each ventricle in one minute is called the ____________________
net loss – the difference between total revenue and total expenses when total expenses is
withdrawals – Assets taken out of a business for the owner's personal use
Note payable longer than a year – Non current liabilties
operating ledger – i┼čletme defteri
The vоlume оf blоod ejected by eаch ventricle in one minute is cаlled the ____________________
Revenues – Expenses – = Net Income
Whenever u see a sale there are 2 effects: – Revenue side, sales number increases


Expense effect: bye inventory this is an exp.

Internal control – Use for accuracy and reliability of accounting info

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