Accounting ****

report a loss – Verlust ausweisen
Revenue Recognition Principle – Revenue is recognized when it has been earned and realized.
Property of a relatively permanent nature used in the operation of a business and not intended for resale is called – Fixed asset
Accounting Equation – Assets = Liabilities + Stockholder's Equity
Dow Jones Average – deteermines how market is doing at a whole
Sale on account – A sale for which payment will be received at a later date.
Pay Period – The period covered by a salary payment
The owner w/d $ from the biz for personal use, liabilities __ – No effect
Mortgage Payable – Long-term Liability
examples of liabilities – -accounts payable
-wages owed to employees
-unearned anything
Which of the following items are typically reported differently between the governmental fund statements and the Governmental Activities column of the government-wide statements?
Income from operations – Income from a company's principal operating activity; determined by subtracting cost of goods sold and operating expenses from net sales.
Public Accounting Firm – A business selling accounting services to the general public.
Sales returns and allowances – Purchase returns and allowances from the seller's perspective
Large companies often assign independent internal verification to the
A. bookkeeper.
B. controller.
C. internal auditors.
D. treasurer. – C
Profit Margin – Net income/ sales
GAAP – A set of rules and practices, having substantial authoritative support, that the accounting profession recognizes as a general guide for financial reporting purposes
Which оf the fоllоwing items аre typicаlly reported differently between the governmentаl fund statements and the Governmental Activities column of the government-wide statements?
capital – the account used to summarize the owner's equity in a business

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