Accounting records – Organized summaries of a business's financial activities are called accounting records
asset – Anything of value that is owned
Selling – Providing customers with goods and services
Accural – describes an earning event that is recognized before cash is exchanged
Client fees – An increase to which of the accounts will increase owner's equity
Return on OE – Net Income / Avg. OE
Return on each $ of OE
Matching Principle – The matching principle states that an expense must be recorded in the same accounting period in which it was used to produce revenue.
accrued expenses – unrecorded expenses that have been incurred & for which cash has yet to be paid
Paramecium is a unicellular protozoan that we saw in lab under the microscope. Which organelle allows its survival in an environment that is less concentrated than the Paramecium cell by expelling water?
accurate – conforming exactly or almost exactly to fact or to a standard or performing with total accuracy
5.Material weakness – is a significant deficiency in internal controls that results in more than a remote likelihood that a material misstatement of the financial statements will not be prevented or detected.
depreciation – the loss in value of a fixed asset due to wear and tear and the passage of time;or a method of matching the cost of a fixed asset against the revenues that the fixed asset will help produce during its useful life
Account – A form in which changes caused by transactions are recorded.
Source document – a paper prepared as evidence that a transaction occurred.
compound interest – the return on the principal for two or more time periods
Basic accounting equation – Assets= liabilities+ owners equity
Pаrаmecium is а unicellular prоtоzоan that we saw in lab under the microscope. Which organelle allows its survival in an environment that is less concentrated than the Paramecium cell by expelling water?
skimming – failure to report all cash receipts in order to evade income taxes
Venture Capital firms – Firms that buy a portion of ownership of the company
chartered accountant – mérlegképes könyvelő
Gross Profit/ Net sales – Gross Profit Rate formula
Know the equation Assets = Liabilities + Equity (Equity = Assets – Liabilities, Liabilities = Assets – Equity). – 2.