Financial Accounting Equations

statement of financial position – balance sheet
Calculate "Gross Interest Expense" – = (Net Interest Expense + Interest Income)
Account receivable – When a company makes a sale on account
Income statement – Sales and expense data for a business and income & expenses for individuals for a period of time
manufacturing costs – Herstellungskosten
Accounts Payable – Liability
pay cash in the near future
DR-
Raising an arm to one side of the body to stop a taxi is an example of __________ of the shoulder. 
Work in process – That portion of manufactured inventory that has begun the production process buy is not yet complete.
Managerial Accounting – A field of accounting that provides economic and financial information for managers and other internal users
Assets – Property or items of value owned by a business.
All of the following statements are true regarding convergence of U.S. GAAP with IFRS except:

A. IFRS tends to be less stringent in its disclosure requirements than U.S. GAAP.

B. The IASB has looked to the United States to determine the structure it should follow in establishing IFRS.

C.Foreign companies that trade shares in U.S. markets are required to reconcile their accounting with U.S. GAAP under these convergence efforts.

D.The standard-setting structure for IFRS is very similar to the standard-setting structure in the United States – C.Foreign companies that trade shares in U.S. markets are required to reconcile their accounting with U.S. GAAP under these convergence efforts.

Check stub – a source document that lists the same information that appears on a check and shows the balance in the checking account before and after each check is written.
liability – an amount owed by a business
merchandise inventory – The amount of goods on hand for sale to customers
Rаising аn аrm tо оne side оf the body to stop a taxi is an example of __________ of the shoulder. 
Accrual adjustment – adjustment of an asset or liability for which the business records an expense or revenue before the cash comes in. Ex: interest receivable.
examples of accured revenue – rent
interest for bank
recieve payment in future
(lender)
recievable and revenue
periodic inventory system – an inventory system in which a company does not maintain detailed records of goods on hand throughout the period and determines the cost of goods sold only at the end of an accounting period

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