Accounting Chapter 6

nonoperating section – a report of revenues and expenses resulting from secondary or auxiliary activities of the company
Temporary accounts – Accounts used to accumulate information until it is transferred to the owner's capital account
Cash Payments Journal – A special journal used to record transactions involving the payment of cash.
Bank Draft. – A check drawn by one bank on another bank in which it has funds on deposit.
monitoring – over time assessment and correction of internal controls
deudores en gestión judicial – debtors in litigation
Menchandiser – A business that sells merchandise, or goods, to customers.
cash flow – cash receipts or disbursements of an entity
Order of Financial Statements – 1. Income Statement
2. Retained Earnings Statement
3. Balance Sheet
4. Statement of Cash Flows
In terms of finding an object that is missing or hidden:
International Accounting Standards Board
(IASB) – An international accounting standard-setting
body responsible for the convergence of accounting
standards worldwide.
Journal entry for depreciation – dr: depreciation expense
cr: accumulated depreciation
Cost of Merchandise Sold – Normal Balance: Debit
Type of Account: Expense
Financial Statement: IS
internal controls? – they aim to make sure companies are following the rules of GAAP.
In terms оf finding аn оbject thаt is missing оr hidden:
One who is involved in the process of recording info in the accounting process is know as the: – Accounting clerks
constancia de alta temprana – early registration certificate
Accrual Amount – Best estimate within range of loss
If none, minimum amount within range

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