Accounting: Chapter 1

Purchases Journal – A special journal used to record only purchases of merchandise on account.
Net profit – revenue less expenses
Balance sheet – Shows assets liabilities and owners equity
Account – This name refers to a record within an accounting system which is used to collect and store similar information for a specific asset, liability, equity, revenue, or expense.
t-account – an accounting tool used to analyze a business transaction
Owner Withdrawals – resources such as cash that an owner takes from the company for personal use
a creditor – has financial claims have to equal the total cost of the property.
Sales Revenue – normally reported on the income statement when goods or services have been delivered to customers who have either paid or promised to pay for the item in the future
the postings at the end of the month from the purchase journal are entered into the – account payable ledger
merchandise purchase ledger
Freight in ledger
E.O.M. – The abbreviation for end of the month.
The DNA base sequence TTGCGATCG on the parent strand would code for which of the following sequences on the newly synthesized strand?  
desafectación de reservas – reversal of reserves
Long-term Liabilities – Notes payable
Bonds payable
Stable monetary unit assumption – states that accounting information should be measured and reported in the national monetary unit without any adjustment for changes in purchasing power.
buildings – long-term liability, BS, debit
The DNA bаse sequence TTGCGATCG оn the pаrent strаnd wоuld cоde for which of the following sequences on the newly synthesized strand?  
TEST!! Physical controls – Locks
profit margin – árrés, marzs
10th step of Accounting Cycle – prepare post-closing trial balance

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