Unit 1 Accounting (basic Accounting Principles)

detailed account – detaillierte Rechnung
Financial accounting – the field of accounting that provides economic and financial information for investors, creditors and other external users
Debotors control – Total the bussiness owes to debitors
Stockholders equity – Represents the claims of owners on the assets of the business. Divided into Common stock and Retained earnings
chart of accounts – a list of company's accounts
Consumer market – all customers who purchase goods and services for personal use
 How many students voted in the election given the following preference table?    
Dividend – Cash payment by corporation to shareholders base on ownership
Aspects of an Income Statement – Revenues
-Expenses
=
Net income
The age of accounts receivable is of concern when: – Once it gets past 45 days as because this is an average, some debtors are taking over two months to pay – 45 days is 1.5 months do for every debtor that does pay on time there has to be another taking 2 months to get the average to 45 days.
Definitely once it is beyond 60 days it is a real concern as now debtors are taking on average two months to pay their accounts and the longer you give debtors to pay, the more likely you are to get bad debts.
 Hоw mаny students vоted in the electiоn given the following preference tаble?    
monetary unit assumption – means we can express transactions in money

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