Unit 1 Accounting (basic Accounting Principles)

Assignment of responsibility – Establish tasks, make one person responsible for each specific task
double taxation – çifte vergilendirme
crediitor – the business or person selling you the item
income statement – gelir tablosu
Shareholder/stockholder – A person who owns stock in a corporation.
Book Value Formula – cost- accumulated depreciation= book value
Which of the following is true about futures contracts?  I. they trade in the over the counter market II.. they are settled daily III. they are subject to default risk IV. a margin deposit is required for both long and short positions V. the contract specifies a range of delivery dates (rather than a single date) Choices:
Accounting Cycle Step 8 – Accounting Cycle: Step to prepare a postclosing trial balance. The postclosing trial balance shows that the general ledger is in balance after the closing entries are posted. It is also used to verify that there are zero balances in revenue, expense, and drawing accounts.
transaction approach – focuses on the income-related activities that have occurred during the period
Fixed- Assets – Productive assets (PP&E) that are not intended for sale.
Which оf the fоllоwing is true аbout futures contrаcts?  I. they trаde in the over the counter market II.. they are settled daily III. they are subject to default risk IV. a margin deposit is required for both long and short positions V. the contract specifies a range of delivery dates (rather than a single date) Choices:
Traditional systems are likely to undercost complex products with lower production volume. – True
the difference between the increases and decreases in an account – account balance
Adjusted Trial Balance – A list of accounts and their balances after the company has made all adjustments.
7.Defacto dissolution – is the termination of a cooperation, which takes place when the corporation suspends all its operation and goes into bankruptcy.
Property, plant, and equipment – Assets with relatively long useful lives and currently being used in operations.

This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply