Accounting Terminology

Equipment – 1. Asset
2. Balance Sheet
3. Debit
4. Permanent
fixed assets – środki trwałe (capital, permanent)
stag – an investor who buys and sells stocks rapidly usually to make profits quickly
capital – The amount an organization or individuals is worth
Closing Entry – Transfers balances in temporary accounts to Retained earnings and established zero balances in temporary accounts
sales allowance – credit allowed a customer for part of the sales price of merchandise that is not returned
Direct material cost – cost of any material that is an integral part of the finished product
Internal Auditors – Those professionals who look at controls and procedures in use by their employer.
"Current Ratio" Classify, Calculate, and Interpret – Liquidity Ratio

Current Ratio = [ Current Assets / Current Liabilities ]

"Best-known" measure of liquidity. Higher: more likely able to pay short-term bills. LOW: company has negative working capital – possibly facing a liquidity crisis

The person who orders the bank to make a payment of a financial instrument is properly termed a/an – Drawer
Feedback affects individual, but not group performance.
Which of the following is not an element of the fraud triangle?
A. Rationalization.
B. Financial pressure.
C. Segregation of duties.
D. Opportunity. – C
The source document for cash received on account from a customer is a receipt. – True
A person or business to whom a liability is owed – Creditor
An example of a numerator reason for calculating annual indirect-cost rates includes:
a. fewer production workdays in a month
b. payment of estimated taxes four times a year
c. higher snow-removal costs during the winter
d. Both b and c are correct. – d. Both b and c are correct.
BALANCE SHEET – which financial statement is SHORT-TERM DEBT usually found
Feedbаck аffects individuаl, but nоt grоup perfоrmance.
current liability – a debt due to be paid within one year or within the entity's operating cycle if the cycle is longer than a year.

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