Uil Accounting

Payments Journal – An Accounting record of all cash paid to other entities
Operating Activities – purchasing parts and labor from suppliers, manufacturing the item, selling to customers, and collecting cash from the customers to pay suppliers (cycle)
Proving cash – the process of determining whether the amount of cash, both on hand and in the bank, is the same as that which is indicated in the accounting records.
the assets, "supplies" decreases when the supplies are used up. As the asset is used up, an expense occurs – the asset becomes an expense
what is an Accounting system – methods and procedures that
Collect, Classify Sccounts, summarizes info and data, and reports
A businesses financial and operating information
The name given to an account – Account title
Comparability – understand similarities and differences among items
Under what circumstances would a company have a net loss – When Expenses > Revenues
The Nervous and Endocrine systems differ in their
primary forms of a business organization – sole proprietorship, partnership, corporation
Capital – The account used to summarize owner's equity
Report form – a format for preparing the balance sheet in which the classification of accounts are listed one under another.
Lower-of-cost-or-market (LCM) – a basis whereby inventory is stated @ the lower of either its cost or its market value as determined by current replacement cost
The Nervоus аnd Endоcrine systems differ in their
Companies using a periodic inventory system take a physical inventory for each of the following purposes except to determine the
A. cost of goods sold for the period.
B. inventory on hand at the balance sheet date.
C. amount of inventory lost due to shoplifting or employee theft
D. all of these are correct. – C
Stop Payment Order. – An order by a depositor requesting a bank not to pay on a check previously issued.
Explain debits and credits and their role in the accounting system. Include in your answer an explanation of the double-entry system. – c.
Internal Users – owners, managers, and employees

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