Dividends – Distributions to equity holders
trial balance – all accounts showing the title and balance of each account,by totaling debits and credits
The accounts receivable turnover ratio is computed by dividing
A. total sales by average net accounts receivable.
B. net credit sales by average net accounts receivable.
C. total sales by ending gross accounts receivable.
D. net credit sales by ending gross accounts receivable. – B
Financial statements – Financial reports that summarize the financial condition and operations of a business.
bearer bonds – bonds that are made payable to whoever holds them
Acquisition Cost – Net invoice price of property or supplies including cost of modifications, attachments, accessories, or auxiliary apparatus necessary to make the property usable for the purpose for which it was acquired.
Inventory Turnover – The number of times inventory is purchased and sold during the accounting period (inventory turnover = cost of goods sold + average inventory).
Sale on Account – A sale for which cash will be received at a later date.
Franchises – Privileges granted by a company to sell a product or service under specified conditions
Entrepreneur – a person who starts up and takes on the risk of a business
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accounting equation – assets= L+Owners's equity
historical cost concept – requires that an asset be recorded at the amount paid for it
depreciation for natural resources – depletion
Capital Expenditures – Expenditures that increase the asset's capacity or extend its useful life
*Record as an asset for extraordinary repairs
*Record as an (immediate) expense for ordinary repairs that merely maintain the asset or restore it to working order
Depreciation – A synonym for fair wear & tear of a durable asset is
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Account Payable. – An unwritten promise to pay creditor's for property such as merchandise, supplies or equipment purchased on credit, or for services received on credit.

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