Accounting

share of stock – a certificate that acts as evidence of ownership in a corporation
Debit – the left side of an account, or the act of entering an amount into the left side of an account
accrual – a transaction in which the revenue is earned or the expense is incurred before the exchange of cash
Fiscal period – a period of time covered by an income statement.
Cash Receipts Journal. – A book of original entries in which only cash receipts are recorded.
ICLICKER receiving assets from customers before service are performed in – Unearned revenue
Potential legal claims – Recorded if the amount can be reasonably estimated and payment for damages is probable
business plan – formal written document that describes the nature of a business and how it works
Solvency – Total assets/ Total liabilities
ACCUMULATED DEPRECIATION – THE SUM OF ALL DEPRECIATION EXPENSE RECORDED TO DATE FOR AN ASSET (CONTRA-ASSET)
These generally hydrophobic molecules are used to store energy, to form the basis of membranes, and for signaling between cells. What are they?
An internal auditor reconciling the bank statement monthly is an example of
A. segregation of duties.
B. independent internal verification.
C. establishment of responsibility.
D. documentation procedures. – B
Total Asset Turnover – Measure of a company's ability to use its assets to generate sales. Computed by dividing net sales by average total assets
Restrictive Endorsment – An endorsment restricting further transfer of a check's ownership
If a funeral director receives payment from a client who purchased a service on a 30 day account, he would make which of the following entries in his journal – Debit cash, credit accounts receivable
objectivity concept – concept of accounting that requires accounting records and the data reported in financial statements to be based on objective evidence
These generаlly hydrоphоbic mоlecules аre used to store energy, to form the bаsis of membranes, and for signaling between cells. What are they?
31. The accounts that represent resources owed to creditors are called:
A. Assets.
B. Liabilities.
C. Dividends.
D. Stockholders' equity. – B. Liabilities.
Statement of financial position – Shows the business assets, liabilities and equity at a certain time. It shows the business financial stability "As at"
owners' equity – -the sum of all claims against assets by the owners
-residual (secondary) claims to liabilities

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