Ch4 The Accounting Cycle

bonds payable increases when… – the company borrows money from investors
owner's equity equation – (Capital – withdrawals )+ (revenue -expenses)
Accountant – one who is concerned with the design of the system of records, the preparation of reports based upon the recorded data, and the interpretation of the reports.
What type of fund is a debt service fund? – Governmental fund
The ultimate objective of accounting information – Decision Usefullness
Account title – The given to an account
Cash or other assets which will normally be converted into cash or consumed within one year are: – Current assets
Which term describes a bundle of axons in the peripheral nervous system?
manufacturing business – A type of business that changes basic inputs into products that are sold to individual customers.
Bookkeeping differs from accounting in that bookkeeping primarily involves which part of the accounting process? – C. Recording
Revenue – Income earned from the sale of your goods and services related to a business
Accounting System – Planned process for providing financial information that will be useful to management
acknowledging payment – potwierdzenie płatności
Which term describes а bundle оf аxоns in the peripherаl nervоus system?
What does accrual accounting state regarding revenue and expenses? – Accrual accounting states that revenue and expenses should be recognized in the accounting period when they occur, regardless of when the cash payment is received or made.
Calculation of Inventory Turnover – Cost of goods sold for period ÷ Average inventory

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