Accounting I: Financial Accounting Ch 1

The amount of revenue from the sale of funeral services would be shown on the – Profit and Lose Statement
régimen simplificado para pequeños contribuyentes – simplified tax regime for small sized taxpayers
Monetary unit assumption – Requires that companies include in the accounting records only transaction data that can be expressed in money terms
What are non- current assets comprised of? – 1) Fixed- Assets
2) Other Assets
cost concept – A concept of accounting that determines the amount initially entered into the accounting records for purchases.
Service Business – -sells a service to the public that has value
-ex. dentist, lawyer, hair dresser, etc
subsidiary ledger – a ledger that is summarized in a single general ledger account
What is a price break quantity?
deudores en gestión judicial – debtors in litigation
Increased – An entry on the credit side of a revenue account indicates the account has been
Sales Invoice – A supplier's billing document.
Whаt is а price breаk quantity?
What are the three categories of non-current assets? – 1. Intagibles
2. Tangibles
3. Investments
In preparing closing entries: – B. each expense account will be credited.

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