Accountant

accounting equation – assets = liabilities + owners equity
Proprietorship – A business owned by one person is called Proproetorship
Purposes of Internal Control – To safeguard assets.
To ensure accurate and reliable account record.
To encourage adherence to company policies.
NOT to promote operational ineffeciency
Understandability – Information presented in a clear concise fashion so that users can interpret it and comprehend its meaning
statement of cash flows – reports inflows and outflows of cash for a stated period of time
expense recognition principle – Prescribes that a company record the expenses it incurred to generate the revenue reported
A poll asked respondents 2 questions: 1.  Would you like to live to be 100 years old, if it was possible? 2.  Do you have confidence that medical science will find cures for major diseases during your lifetime? Hypothetical results of the poll are tabulated in the Venn diagram. Set A = people who want to live to be 100 years old and set B = people who are confident science will find cures.  How many people want to live to be 100 years old, but are not confident science will find cures?  
Accounting Equation – Assets=Liabilities+owners' equity
Expenses – The cost of assets consumed or services used in the process of earning revenue
To record the sale of goods for cash in a perpetual inventory system
A. only one journal entry is necessary to record cost of goods sold and reduction of inventory.
B. only one journal entry is necessary to record the receipt of cash and the sales revenue.
C. two journal entries are necessary: one to record the receipt of cash and sales revenue, and one to record the cost of goods sold and reduction of inventory.
D. two journal entries are necessary: one to record the receipt of cash and reduction of inventory, and one to record the cost of goods sold and sales revenue. – C
Disbursements – A cash outflow of money used in operating the business.
term bonds – mature on a single date
A pоll аsked respоndents 2 questiоns: 1.  Would you like to live to be 100 yeаrs old, if it wаs possible? 2.  Do you have confidence that medical science will find cures for major diseases during your lifetime? Hypothetical results of the poll are tabulated in the Venn diagram. Set A = people who want to live to be 100 years old and set B = people who are confident science will find cures.  How many people want to live to be 100 years old, but are not confident science will find cures?  
Two categories of stockholder's equity usually found in the balance sheet of a corporation – Common stock and retained earnings
accrual accounting – revenues recognized when earned, expenses when incurred
sole proprietorship – work alone

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