Accounting ****

Days in Inventory – 365/ Inventory Turnover Ratio
dividend receivable/ accrued income – current asset
external users – not involved and using accounting
partnership – owned by more than one or by many
statement of cash flows sections (3) – 1. operating activities 2. investing activities 3. financing activities
Notes – A written promise to pay a specific amount at a specific future date that typically include an interest charge
Why was the Abbasid Empire considered a “golden age”? Where was its capital? What earlier intellectual traditions did it draw on? In what sorts of scientific fields did medieval Muslims particularly excel?
Check – A written order drawn by a depositor directing his bank to deduct money from his account and pay the person or company designated
accounting system – a planned process for providing financial info that will be useful to management.
long-term liabilities – debts not due for at least a year or more
Invoice – A form describing the goods or services sold, the quantity, and the price
dishonored check – A check that a bank refuses to pay
Why wаs the Abbаsid Empire cоnsidered а “gоlden age”? Where was its capital? What earlier intellectual traditiоns did it draw on? In what sorts of scientific fields did medieval Muslims particularly excel?
sole proprietorship – A business owned by one person.
Conservatism – The manner in which accountants deal with uncertainty regarding economic situations
Calculation of Inventory Turnover – Cost of goods sold for period ÷ Average inventory
Current liability – one which will be paid, using current assets, in one year or less
operating profit margin – =profit before interest and tax/sales

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