Accounting

external controls – procedures outside the business to protect cash and other assets
Non taxable – Employer paid ei
documentation procedures – numbering checks
Time Value of Money – Is the interest that is associated with the use of money over time.
account – The master record that is maintained for each individual financial statement asset, liability, equity, revenue, expense, or dividend component.
conform to – megfelel valaminek
Materiality – closely relates to relevance and deals with the relative size of an error in accounting information.
magnitude of an accounting information omission or misstatement that will affect the judgement of someone relying on the information.
Accounting Cyclye – the series of accounting activities included in recording financial information for a fiscal period
The equation showing the relationship among assets, liabilities, and owners equity – accounting equation
Specimen collection is the common point that guides the health care decision of every member of the clinical team.
Return on assets – net income/ average total assets
Accounts – A ledger is a book of
Income statement – a report of the net income of net loss for a fiscal period; sometimes called a "profit and loss" statement.
Quick Ratio Formula – Ratio suggests good liquidity.

Quick Ratio = Quick Assets / Current Liabilities

Steps for closing – service revenue
Income summary
Income Summary
Expenses
Income Summary —– 1st serv. rev – Expenses
retained earnings
retained earnings
dividends
Specimen cоllectiоn is the cоmmon point thаt guides the heаlth cаre decision of every member of the clinical team.
formula for declining balance depreciation – Book value x rate
The normal operating cycle – the period of time required to purchse goods and services and turn them back into cash is called

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