Historical Cost – the actual amount paid for merchandise or other items bought is recorded
Balance column account – Account with debit and credit columns for recording entries and another column for showing the balance of the account after each entry. (p.80)
intangible assets – assets used long-term to generate revenues, company has an exclusive right to do something and there is no physical substance
accounts payable – wierzyciel USA
Accounting records – Organized summaries of a business financial activities
poacher – one who goes to another person's land to steal
accounting software accounting – muhasebe paket programı
What is a Monetary Unit Principle? – Must use a common unit of measurement.
Depreciation Methods – Straight line,Declining balance, Units of production
Under Article 2 of the UCC which of the following consists of the passing of title from the seller to the buyer for a price?
What is a ledger account? – Is an accounting tool that records changes in the value of something
Checking Account – account from which payments can be ordered by a depositor
Incorporated – Registered to pay tax and has limited liability.
account balance – amount in account
bond sells at premium – contract rate is greater than market rate
betterments (improvements) – expenditures that make a plant asset more efficient or productive
Under Article 2 оf the UCC which оf the fоllowing consists of the pаssing of title from the seller to the buyer for а price?
Accrual Accounting – Recording in each fiscal period applicable expense, whether paid or not, and income earned, whether collected or not
Operating Cycle – the average time it takes a business to convert cash into inventory, convert inventory into assets recorded, and convert A/Rec back into cash
Reselling Treasury Stock Transaction – Assets and equity increase by an amount equal to the sale price of the treasury stock sold
Debit Card – card automatically deducts amount from account
What is GST not included in? – Wages, drawings, interest received/interest paid, loans received/loan repayment, receipts from debtors, payment to creditors and capital contribution.