Uil Accounting

Transaction – A business activity that changes assets, liabilities, and owners equity
balance sheet comparative forms – record the balance sheet data for two or more comparable periods on the same form so that the information can be readily compared
Double Entry Accounting – Every business transaction affects at least two accounts. Debit side on the left. Credit side on the right.
Code of conduct – a statement that guides the ethical behavior of a company and its employees
failure activities – activities performed by an organization or its
customers in response to poor quality (poor quality does exist).
Transaction Analysis – the effect of transactions on the accounting elements.
Company tax – is charged against the earnings of a company.
Proper segregation of functional responsibilities in an effective system of internal control calls for separation of the functions of
Mixed Attribute Measurement Model – Seeks to measure assets, liabilities, revenues, expenses, and other elements of the financial statements with the most relevant and faithful measurement available.
Securities and Exchange Commision – SEC
Income from operations – Income statement
Gross profit- Operating expenses
allowance for bad debts – current contra asset
General Purpose of Cash Budgeted Income Statement – 2) Budgeted Income Statement which shows all expected "Estimate Revenues and Less Estimate Expenses" It then calculates the firms "Estimate Net Profit(Loss)"
Stockholder's Equity = – SEbegin + Issue CS + NI – Div = SEend
reliability – must be verified
faithful representation and neutral
Prоper segregаtiоn оf functionаl responsibilities in аn effective system of internal control calls for separation of the functions of
Sundry expenses aka – Miscellaneous expenses
Unearned Rent – Liability / Es
dividend record date – the date the corporation prepares the list of owners that will be paid the dividends; "ex-dividend"
Dividend – A distribution of corporations earnings to stockholders

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