Accounting: Chapter 1

facturas correlativas – sequentially numbered invoices
check – kontrollieren, prüfen
Income statement – a formal financial statement which presents the income, expenses, and resulting net profit or net loss for a given period.
Person Months – The metric for expressing the effort (amount of time) PD/PI(s), faculty and othersenior/key personnel devote to a specific project.
Entity prospective – Companies are viewed as separate and distinct from their owners ( present shareholders).

The assets are viewed as assets of the company and not of the specific creditor or shareholder.

Investors have claims on assets in the form of liability or equity claims and is consistent with the present business environment.

the general journal is often called the – Book of Original Entry
True – T or F: When cash is received from a sale, the total amount of both assets and owner's equity is increased.
Financial Accounting – provide financial statements to help external users analyze an organization's activities
This model represents the __________ system.
Low current ratio – using resources efficiently
Ethics – The right and wrong that guide and individual
This mоdel represents the __________ system.
liabilities – arising from expenses include accounts payable, interest payable, wages payable, sales taxes payable, and income taxes payable.
The following amounts relate to Amato Company for the current year: Beginning Inventory, $20,000; Ending Inventory, $28,000; Purchases, $166,000; Purchase Returns, $4,800; and Freight-Out, $6,000. The amount of Cost of Goods Sold for the period is
A. $159,200.
B. $169,200.
C. $162,800.
D. $153,200. – D

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