Journalizing – recording transactions in a journal
Periodicity Assumption – Although the lifetime of a business is uncertain, it is nonetheless useful to estimate the business's net income in terms of accounting periods.
Closing entries are made – C. in order to transfer net income (or loss) and dividends to the retained earnings account.
Account balance – The differences between the increases and decreases in an account
liability – amount owed by a business
What is an example of a withholding – Taxes
Common Stock – The most common type of stock. These stockholders have the four basic rights and are the owners of the corporation
Risk – Uncertainty about an expected return
The more massive planets in the solar system tend to be less dense than the lower mass planets.
Expenses are listed on which of the following reports? – Profit and Loss Statement and Income Statement
Prepaid expenses – items owned shown as a prepaid insurance.
The mоre mаssive plаnets in the sоlаr system tend tо be less dense than the lower mass planets.
Postdated Check – A check with a future date on it
Asset Turnover Ratio – Net Sales / Average total assets
credits (2) – decreases to assets and expenses
income statement – a financial statement listing an entity's revenues, expenses, and net income or net loss for a specific period. Also called statement of operations.

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