Accounting Chapter 4 Vocab

copyright – intangible asset, BS, debit
Merger – Occurs when one company purchase all of the assets and liabilities of another and the acquired company goes out of existence.
A difference between job costing and process costing is that:
a. job-costing systems usually do not distinguish between normal spoilage attributable to all jobs and normal spoilage attributable to a specific job
b. job-costing systems usually distinguish between normal spoilage attributable to a specific job and spoilage common to all jobs
c. process costing normally does not distinguish between normal spoilage attributable to a specific job and spoilage common to all jobs
d. Both b and c are correct. – d. Both b and c are correct.
Accounts receivable – This type of account refers to amounts of future cash receipts that are due from customers (i.e., amounts to be collected in the future) and are shown on the asset side of the balance sheet.
Cost Principle – An accounting principle that states that companies should record assets at their cost.
Retained Earnings Statement – A summary of the changes in the retained earnings for a specific period of time.
Current Liabilities – Debits to be paid in one year or operating cycle.
chief financial officer – baş mali işler görevlisi
PAMI – pensioners social welfare fund
Financial Accounting – the preparation of financial statements for decision makers, such as stockholders, suppliers, banks, employees.
-External users
This term is used to describe any living creature.
Accounting Cycle – The process by which companies produce their financial statement for a specific period.
sarbanes -oxley act – public companies must maintain an adequate system of internal controls
interest payable = [type] – liabilitity
Business ethics – Do you some ethics and making business decisions
Contra account – Account linked with another account and having an opposite normal balance; reported as a subtraction from the other account's balance
This term is used tо describe аny living creаture.
Rent Expense – …Is a Debit balance account.
double-entry accounting – the system by which each business transaction is recorded in at least two accounts and the accounting equation is kept in balance.
Depreciable Base = ______ – ___________________ – Cost – Anticipated depreciation value

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