tut test 2 extra vocab.docx

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University of Toronto Scarborough
Financial Accounting
Mark Fitzpatrick

Arms-Length Relationship/Transaction: relates to the origin of handshakes, a market transaction, reflects the actual transaction Contingent Fund: an account set aside for any unforeseen events requiring money Plugging: A variable that handles financial slack in the financial plan Transparency: not being able to see everything going on in a business Head Count: number of employees, relates to Microsoft Bottom Line: used for income statements, essentially the net income Cooking the Books: changing something radically on financial statements, usually illegal Red Ink: shows a loss on a financial statement Bounce Cheque: a cheque that is returned to the writer, also known as a rubber cheque Float: beginning money mainly used to give change to customers Drill Down: asking more precise questions to shorten things down - shareholders are the owners of a public corporation - creditors can have claims on asset accounts - salaries paid to owners are drawings - shareholders receive dividends rather than drawing Possible Communication Topics The principle of objectivity Conventions of equation analysis sheets and t-accounts Analyzing Transactions – the steps to analyzing them and the factors that create these financial changes Ledgers – the different types, the accounts within ledgers, conventions of le
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