Accounting Chapter 9

LIFO reserve – For a company using LIFO, the difference between inventory reported using LIFO and inventory using FIFO.
balance sheet – A basic financial statement, it reveals the assets, liabilities, and equity of a business at a particular time.
contingencies – material events that have an uncertain outcome
journalist – One who writes for newspaper or magazines or prepares news for broadcast on radio or television.
NSF check – a check that is not paid by a bank because of insufficient funds in a bank account
liquidating dividend – distribution to stockholders from paid-in capital for dividend
inventory – debit balance, Balance sheet, permanent, asset
Owners equity – Represents the owner's investment in the biz, minus the owners draws-withdrawals from the biz, + net income/ – net loss, since the business began.
Buehler Company on June 15 sells merchandise on account to Chaz Co. for $1,000, terms 2/10, n/30. On June 20, Chaz Co. returns merchandise worth $300 to Buehler Company. On June 24, payment is received from Chaz Co. for the balance due. What is the amount of cash received?
A. $700.
B. $680.
C. $686.
D. None of these. – C
debit card – a bank card that when making purchases automatically deducts the amount of a purchase from the checking account of the cardholder
Lao-tzu is the founder of the Shinto belief.
Mixed Costs – contains both variable and fixed cost components;
Total Fixed Cost + Total Variable Costs (variable cost per activity x quantity of the activity) = Total Mixed Cost
Ex. Plant Utilities; Manufacturing Machine Maintenance
GAAP – Generally accepted accounting principals
Baselines – These tell you the quality, quantity and coverage of, for example, water provision in a community, before you start any campaign work. Your baseline investigation might tell you that there are 55 water points out of a total of 180 that are broken down in the district. This figure can now be your baseline. You can measure this again in 6 months and see if the result has improved. This kind of measuring is called monitoring and it is how we find out if our accountability work is leading to improvements in service delivery.
All aspects of income statement –
Lао-tzu is the fоunder оf the Shinto belief.
Operating information – This is information that is needed on a day to day bases in order for the business to operate. Operating information makes up the greatest amount of accounting information and it provides the basis for the other two types of accounting information.
adjusting entries – record events that have occurred but that we have not yet recorded. update to proper balance.
adjustment – changes recorded on a work sheet to update general ledger accounts at the end of a fiscal period

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