Accounting Chapter 9 Vocabulary

revenue – increase in owners equities do to business operations.
Bonds Payable – Borrowing from long term investors in the public debt market. Interest is charged to the borrower; the amount reported on the balance sheet for bonds payable is the principle amount only and does not include interest. Amounts owed for interest is called interest payable; Amounts due within a year or less are reported as current maturities of long term-debt. Sometimes called notes payable.
9. The following comments were heard in Cornell Hall the other day. Which comment probably describes the least creative person?
1. John comes up with such "off the wall" ideas!
2. When I asked why we have to use pencils on all his exams, he said it's because that's the way it's always been done.
3. Don't get him started – Jacob has more ideas about how we should do that than the rest of us combined.
4. Janet always has to figure out how everything works. – 2. When I asked why we have to use pencils on all his exams, he said it's because that's the way it's always been done.
Long-term liabilities – Long-term notes payable, mortgage payable, bonds payable
working capital – excess of total current assets over total current liabilities
capital stock – Total shares of ownership in a corporation
How is owner's equity affected when cash is paid for expenses? – Decreased
patent – grants its owner an exclusive legal right to produce and sell a product that has one or more unique features
Which of the following best defines a “social movement”?
Are the company's operations profitable? – Income statement
Debt Financing – Financing by borrowing from banks or other creditors.
Employee Voluntary Deductions – Employers owe voluntary amounts withheld from employees' gross pay to the designated agency
income statement – A financial statement that presents the revenues and expenses and resulting net income or net loss of a company for a specific period of time.
Which оf the fоllоwing best defines а “sociаl movement”?
Baden Shoe Store has a beginning merchandise inventory of $15,000. During the period, purchases were $70,000; purchase returns, $2,000, and freight-in $5,000. A physical count of inventory at the end of the period revealed that $10,000 was still on hand. The cost of goods available for sale was
A. $82,000
B. $78,000
C. $88,000
D. $92,000 – C
Balance Sheet reports… – Assets, Liabilities, stockholders equity
Balance Sheet – It tells us a business financial position at a particular point in time
bookkeeping – счетоводство ежедневный бух учет

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