Accounting Chapter 9 Vocabulary

​General Amount Column – A journal amount column that is not headed with an account title
publicly held corp. – a corp. that allows anyone to purchase their stock
FASB – Financial Accounting Standards Board. Private organization formed to establish GAAP. 1973. has 7 full-time representatives, some accounting professionals, represent different perspectves
Accounting – Planning,recording,analyzing,and interpreting financial information
cost of merchandise sold – the total original price of all merchandise sold during a fiscal period
credit – Wrote a check to the owner: ______ cash
Property rights – creditors' and owners' financial claims to the assets of a business.
Identify the structure labeled “D” (part of lymphatic system)
accounts payable – unwritten promise to pay a supplier for assets purchased or services received
Which of the following appears on both the income statements of merchandising and service companies?
A. Cost of goods sold.
B. Gross profit.
C. Operating expenses.
D. Sales revenue. – C
títulos públicos con cotización – listed government securities
notes receivable – formal investment, trade rec
certified public accountant – an individual who has met certain criteria and is thus allowed to perform audits of corporation
Which of the following statements in NOT true: – A. Expenses increase stockholders' equity
Expenses have normal debit balances
Expenses decrease stockholders' equity
Expenses are a negative factor in the computation of net income
Identify the structure lаbeled “D” (pаrt оf lymphаtic system)
Income – an inflow of assets as a result of selling a product or providing a service.
End Retained Earnings – Beginning retained earnings + net income – dividends

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