Accounting Chapter 4

HAS (Hungarian Accounting Standards) – Magyar Számviteli Szabályok
Sales invoices – Sales on account, prepare duplicate, original ➡customer, copy ➡ owner (S)
Flexible Budget – used to estimate total sales, costs, and profit at various sales levels. Per Unit sales price and variable costs do not change as volume changes. Contribution margin per unit does not change as volume changes. Total fixed costs do not change as volume changes.
FOB destination – freight terms indicating that ownership of goods remains with the seller until the goods reach the buyer
trading securities – current asset
Paid-In Capital – amount the stockholders have invested in the corporation
(Common Stock)
Accrued income – income actually earned during an accounting period but which will not be received until a future period.
current liabilities – one of the common groups on the classified balance sheet

expected to be paid within one year or less

Creditors – Companies and individual to whom money is owed
The going-concern assumption – i.
The main effect of the warm-up period required of athletes, as the muscle contractions increase in strength, is to ________________.
liabilities – obligations of the business; money owed to creditors
Period costs – Not product cost (ie S&A expenses, commission, advertising, executive salaries) ALWAYS treated as an expense
créditos por ventas – trade receivables
The mаin effect оf the wаrm-up periоd required оf аthletes, as the muscle contractions increase in strength, is to ________________.
Bank statement – A report of deposits, withdrawals, and bank balances sent to a depositor by a bank
commision – the profit the broker gets for his job
account balance – amount in an account
Uncollectible accounts – Accounts receivable that cannot be collected.

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