financial accounting – branch of accounting that provides information to people outside the firm.
What account is used to receipt an overage or a shortage in the cash drawer? – • Account # 0805
petty cash: an amount of cash kept on hand and used for making small payments – petty cash: an amount of cash kept on hand and used for making small payments
Subsidiary – Дочерняя компания
Accrual – recorded when earned
FOB shipping point – Ownership of the goods passes to the buyer when the public carrier accepts the goods from the seller
Sale on Account (charge sale) – Sale for which cash will be received at a later date
inventory – debit balance, Balance sheet, permanent, asset
capital – the account used to summarize the owners equity in a businees
Customer Refund Procedure – • Ralph
• Option 7
• CC refund is account #2249
• Put ticket number in document number
• Hit F10
• Type in CC number and hit enter
Johannes Brahms wrote a total of ______ symphonies.
sales tax – a tax on a sale of merchandise or services
Acid test Ratio – instant debt paying ability – quick asset to current libilities
Net Income – Net Profit. the difference between gross profit and expenses when gross profit is larger.
Jоhаnnes Brаhms wrоte а tоtal of ______ symphonies.
partnership – A form of business ownership in which two or more people share the assets, liabilities, and profits.
Timely – Information that is available to decision-makers before it loses its capacity to influence decisions
limited liability – if a business fails, the owners DO NOT have to pay the business debts with their personal assets.
applies to a company
Disadvantage of Partnership – Inability to provide limited liability to its owners from claims arising from business operations
expenses – cost of assets consumed for services used

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