three liabilities – accounts payable, notes payable, accrued liabilities
FOB destination – Freight terms indicating that ownership of goods remains with the seller until the goods reach the buyer.
Retained Earnings Equation – Sum of all profits – Sum of all dividends
account – is a record of the increases and decreases in and the balance for a specific item such as cash or equipment.
Net Income – revenue is greater than expenses
Balance sheet – Snapshots of company's assets and liabilities / shows accumulated earnings or loses
What is the overall order of the following reaction, given the rate law?             2 X + 3 Y  →  2 Z      Rate = k[X]1[Y]2
Accounts Receivable – The amount of money owed by your customers after goods or services have been delivered and/or used.
File Maintenance – the procedure for arranging accounts in a general ledger, assigning account numbers, and keeping records current
Cash accounting – Record transactions when cash is paid or recieved
ganancia o pérdida bruta – gross income loss
Post Closing Trial Balance – a trial balance prepared after the closing entries are posted
T account – an accounting device used to analyze transactions
Whаt is the оverаll оrder оf the following reаction, given the rate law?             2 X + 3 Y  →  2 Z      Rate = k[X]1[Y]2
Redeemable Preferred Stock – Shares can be returned to the corporation
Owner's Equity – The financial interest of the owner of a business; also called proprietorship or net worth.
What is an expense? – An expense is a decrease in economic benefits during a specific financial time period. Expenses are incurred by businesses while conducting business activities. Put differently, expenses decrease the owner's equity of the business.
mutual agency – individual partners each have power to bind the partnership to a contract
current liabilities – Debts or obligations the company expects to pay off or satisfy within the next year
-accounts payable
-notes payable ( due within a year)
-unearned interest
-interest payable
-salaries payable
—payable within a year

This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply