Term
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Definition
| CERTAIN INDIVIDUALS WHO ARE IN CHARGE OF MANAGING THE BUSINESS AND ITS RESOURCES |
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Term
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Definition
| AN INFORMAL BUSINESS PAPER USED TO ORGANIZE AND PLAN INFO NEEDED TO CREATE FINANCIAL STATEMENTS |
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Term
| ACCOUNTS RECIEVABLE CONTROL ACCOUNT |
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Definition
| REP THE SUM OF THE BALANCES OF ALL THE INDIVIDUAL A/R ACCOUNTS |
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Term
| ACCOUNTS PAYABLE CONTROL ACCOUNT |
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Definition
| REP THE SUM OF THE BALANCES OF ALL THE INDIVIDUAL A/P ACCOUNTS |
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Term
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Definition
| A CRITICAL REVIEW BY A PUBLIC ACCOUNTANT FOR THE INTERNAL CONTROLS AND THE ACCOUNTING RECORDS OF A COMPANY |
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Term
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Definition
| THE DIFFERENCE BETWEEN CURRENT ASSETS AND CURRENT LIABILITIES |
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Term
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Definition
| SMALL QUANTITY OF CASH THAT IS KEPT IN THE OFFICE FOR SMALL EXPENSES |
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Term
| FULL DISCLOSURE PRINCIPLE |
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Definition
| ALL INFO NEEDED FOR A FULL UNDERSTANDING OF THE COMPANYS FINANCIAL AFFAIRS MUST BE INCLUDED IN THE FINANCIAL STATEMENTS |
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Term
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Definition
| A BUSINESS MUST USE THE SAME ACCOUNTING METHODS AND PROCEDURES FROM PERIOD TO PERIOD |
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Term
| HOW DO LARGE INSTITUTIONS TRANSFER MONEY? |
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Definition
| ELECTRONICALLY USING LARGE VALUE TRANSFER SYSTEMS |
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Term
| WHAT ARE SOME ONLINE PAYMENT OPTIONS |
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Definition
1) CREDIT CARD
2)PAYPAL
3)SMART CARDS
4)DEBIT CARD |
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Term
| WHEN ARE FINANCIAL STATEMENTS PREPARED |
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Definition
| AT THE END OF EVERY FISCAL PERIOD |
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Term
| HOW DO YOU CALCULATE NET INCOME/NET LOSS ON A WORKSHEET? |
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Definition
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Term
| COMMON SIZE BALANCE SHEET CALCULATE PRECENTAGE |
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Definition
EXPRESSED AS % OF TOTAL ASSETS
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Term
| COMMON SIZE INCOME STATEMENTS |
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Definition
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Term
| WHY IS IT IMPORTANT TO BALANCE A WORKSHEET? |
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Definition
| YOU USE THE FINAL STATEMENTS TO CREATE BALANCE SHEETS AND INCOME STATEMENTS |
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Term
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Definition
| ASSETS THAT CAN BE LIQUIDATED WITHIN A YEAR |
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Term
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Definition
| ASSETS THAT WOULD TAKE MORE THAN A YEAR TO LIQUIDATE |
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Term
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Definition
| WOULD TAKE MORE THAN A YEAR TO PAY OFF |
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Term
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Definition
| CAN BE PAID OFF WITHIN A YEAR |
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