enFIProject in T.L.E37
Corporation : a for-profit
Net income : the excess of revenue over expenses
Land : acquired for use in business
Accounting : the language of business whose purpose is to provide relevant information to concernes parties
Summarizing : Summarizing the details of the data
Partnership : two or more people operate for the common goal
Sole Proprietorship : Owned by one person
Machinery : Heavy Equipment
Delivery Equipment : Cost of Transporting goods
Office Supplies : Pens Paper Link
Cash : Bills and Coins
Salary Expense : Refers to amounts paid to employees
Building : Refers to structure used for business
Income : Refers to revenue earned for leading money
Interest Expense : Cost of Borrowing money
Net Income : Revenue minus Expense
Assets : Liabilities plus Owners Equity
Owners Equity : Assets minus Liabilities
Internal : That involves transfer of resources or obligations to or from other entities
Notes Receivable : Collectibles from customers for goods sold to on credit
Office Equipment : computers printers photocopiers
Capital : Owner of the Business
Peso : Monetary unit of measurement in the philippines
Liabilities : Refer to the obligations of the busness to transfer a measurable amount of resources
Owners Equity : Refer to claim of the owner in the assets of the business
Notes Payable : Suppliers for items bought on credit
Accounts Payable : Suppliers for items bought but not yet paid
Drawing : Withdrawals of cash
Freight In : Cost of Transporting
Revenue : Also called Income
Internal: Do not involve other entities in the transfer of resources
Recording : deals with the writing of business transactions or events on books or records
Cooperative : referref to as a co op business or co op
Service : rendering their service like cleaning repairing maintenace etc
Merchandising : Trading Business
Manufacturing : Buying raw materials
Public Accounting : Offer their professional service to public
Private Accounting : Offer their professional service to private
Furniture : tables chairs cabinets etc
Rent : Cost of using space for office of business
Utilities : Refers to amounts paid for the use of water and electricity
Sale : Refers to revenue derived from sale of goods
Prepaid Expense : Expense already but not yet paid
Expense : refers to outflow of financial resources arising from profit making activities of the business
Machinery : Heavy Equipment
Utilities : Refers to amounts paid for the use of water and electricity
Liabilities : Refer to the obligations of the busness to transfer a measurable amount of resources
Drawing : Withdrawals of cash
Bookkeeping : keeping the business records in a regular and most systematic manner
Project in T.L.E
the language of business whose purpose is to provide relevant information to concernes parties
Liabilities plus Owners Equity
Owner of the Business
Bills and Coins
referref to as a co op business or co op
a for-profit
Withdrawals of cash
Withdrawals of cash
refers to outflow of financial resources arising from profit making activities of the business
Refers to revenue earned for leading money
Cost of Borrowing money
That involves transfer of resources or obligations to or from other entities
Do not involve other entities in the transfer of resources
acquired for use in business
Refer to the obligations of the busness to transfer a measurable amount of resources
Refer to the obligations of the busness to transfer a measurable amount of resources
Heavy Equipment
Buying raw materials
Trading Business
Revenue minus Expense
the excess of revenue over expenses
Suppliers for items bought on credit
computers printers photocopiers
Pens Paper Link
Refer to claim of the owner in the assets of the business
Assets minus Liabilities
Monetary unit of measurement in the philippines
Expense already but not yet paid
Offer their professional service to public
deals with the writing of business transactions or events on books or records
Cost of using space for office of business
Also called Income
Refers to amounts paid to employees
Refers to revenue derived from sale of goods
rendering their service like cleaning repairing maintenace etc
Refers to amounts paid for the use of water and electricity
Refers to amounts paid for the use of water and electricity