Uil Accounting

Accounts receivable which are uncollectable are – Bad debits
Sales return – Resulting in a decrease in the vendors accounts recieveable, is called a sales return
Permanent accounts – accounts that accumulate information across accounting periods; all accounts reported on the balance sheet
Blank Endorsement – A signature of the payee written on the back of the check that transfers ownership of the check without specifying to whom or for what purpose.
T-account – An accounting device used to analyze transactions
A credit card sale is a sale in which cash is received for the total amount of the sale at the time of the transaction. – False
unearned revenues – we received cash and recorded a liability before we earned the revenue.
Total Assets = – Total Liabilities + Total Stockholder's Equity
What is the inflation rate if the GDP deflator in 2012 was 112, and the GDP deflator in 2013 was 115?
Return on Shareholders Funds –
Sale on account – A sale for which cash will be recieved at a later date
Callable Bonds – Bonds that may be retired prior to maturity at the option of the issuer.
Whаt is the inflаtiоn rаte if the GDP deflatоr in 2012 was 112, and the GDP deflatоr in 2013 was 115?
prepaid expenses – current asset
The three steps in the transaction analysis process – 1. Identify the accounts affected and classify them by type of account.
2. Determine the direction of the effect on each account.
3. Verify that the accounting equation remains in balance.
Know the different financial statements and their components: – 4.
interest rate – a percentage of the outstanding principal

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