Principals Of Accounting Chapter 10 Vocabulary

Asset, Balance Sheet, Debit, Permanent – Inventory
ways of allocating the difference – close by adjusting the entire balance of under/over applied OH to COGS on the I/S
adjust by allocating the OH balance proportionally to what was applied OH left in end WIP balance, FG balance, and COGS Balance
T- Account – A summary device that is shaped like a capital T with debits posted on the left side of the vertical line and credits on the right side of the vertical line.
Payable – is used to refer to a liability that promises a future OUTFLOW of resources.

*Accounts Payable

journal – form for recording transactions in chronological order
corporations disadvantages – 1. government regulation
2. corporate taxation
Current assets – Краткосрочные активы
service business – A business the performs an activity for a fee
SECTION 9: Answering questions–question 7 Remember: answer the question by writing just one complete sentence. Special letters, should you need them:   á   é   í   ó   ú   ñ ¿Vas a descansar después de este* examen?   (*Remember, “este” means “this”.)
Bookkeeping – A part of accounting that involves only the recording of economic events.
At the end of the week, all credit card slips are gathered together, sorted by issuing bank, and mailed individually to each of the banks to collect payment. – False
reinstated – أعاد ، راجع
cost reconciliation – the final section of the production report that
compares the costs to account for with the costs accounted for to
ensure that they are equal.
Interpreting – Explaining the significant events or developments that occur, usually taking the form of analysis and comparison.
SECTION 9: Answering questiоns–questiоn 7 Remember: аnswer the questiоn by writing just one complete sentence. Speciаl letters, should you need them:   á   é   í   ó   ú   ñ ¿Vаs a descansar después de este* examen?   (*Remember, “este” means “this”.)
Report Form – Total assets on top, total liabilities and total O.E underneath
Post is a/an – Transfer of figures from the journal to the ledger
non current or long -term liabilities – liabilities that will take longer than a year to settle
Sales Discount – A deduction from the sales invoice as a n incentive for customers to pay their invoices early
patent inventions – noncurrent asset

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