Users of Accounting Information
These individuals are directly involved in the management and decision making process
Internal Users
Develops future accountants through a relevant accounting curriculum
Accounting Education
Records money collected before a service is performed, creating a liability
Unearned Revenue
Debit is placed on the left side while credit is on the _
Left
These individuals look into the aspects of job security while salaries are factors in their decision to stay or leave current position
Employees
Searches for new knowledge on the effects of economic events
Accounting Research
Increases when a company buys supplies or goods but has not yet paid the vendor.
Accounts Payable
When translated into its latin meaning, it means: ‘’to owe’’
Debere/Debit
These individuals assess the feasibility of investing in a company and expect a reasonable return in interest
Investors
The onsite verification, inspection, and examination of accounting system
Auditing Accounting
When customers owe the business money for sales made on credit
Accounts Receivable
A Doubtful Account would be in debit when on normal balance
False, credit
Sir. Carl, a bank staff, visits Heroes Incorporated to go over their financial capabilities before approving their credit worthiness
Creditor
Involves an in-depth analysis of finances, budgeting, and decision making
Managerial Accounting
The contra-equity account accumulates the owner’s or shareholder withdrawal
Drawing
Ms. Abesamis starts a business by investing P1,000 pesos. Thus, the … is increasing
Debit
Ma’am Stacey visits the My Melody Corporations in order to review the company’s compliance with the disclosure regulations for the benefit of the stakeholders under them
Regulatory Authorities
A type of auditing accountancy in which an independent CPA outside the company examines the processes
External Auditing Accountancy
It arises when a company pays for an expense such as rent before the benefit is received, creating an asset until its used
Prepaid Expense
In personal accounts, the debit is the receiver while the credit is the…
Giver