Accounting 1: Chapter 1 Century 21 9e

Credit – An amount recorded on the right side of a T-account
Operating – Dividends received from an investment
In Balance. – A condition in which the total of the debits and the total of the credits are equal in an account.
cargas fiscales – taxes payable
compound journal entry – journal entry that affects more than 2 accounts
journalizing – recording transactions in a journal
In a perpetual inventory system, the Cost of Goods Sold account is used
A. only when a cash sale of merchandise occurs.
B. only when a credit sale of merchandise occurs.
C. only when a sale of merchandise occurs.
D. whenever there is a sale of merchandise or a return of merchandise sold. – D
Long-term liabilities – Obligations that a company expects to pay after one year.
Accounts Payable – Amount of money a business owes to its suppliers for purchases made on credit.
Account Analysis – A method for analyzing cost behavior in which an account is classified as either variable or fixed based on the analyst's prior knowledge of how the cost in the account behaves (p35)
SECTION 5: Possessive adjectives–question 5 [l1] (Your–when the “you” doing the possessing is “tú”) ideas son buenas.
limited liability partnership – a partnership that limits partners' risk of losing their personal assets to only their own acts and omissions and to the acts and omissions of people under their supervision
BALANCE SHEET – which financial statement is COMMON STOCK usually found
list the 4 financial statements used by a business organization – cash flow statement
income statement
balance sheet
owners equity
An entry on the debit side of the owners equity indicates that the account has been – Decreased
Matching principle – also known as expense recognition principle. When possible expenses should be matched with the revenue it creates.
international accounting standards board – an accounting standard-setting body that issues standards adopted by many countries outside of the U.S.
depletion – the process of allocating the cost of a natural resource to the period when it is consumed
SECTION 5: Pоssessive аdjectives–questiоn 5 [l1] (Yоur–when the “you” doing the possessing is “tú”) ideаs son buenаs.
Notes Receivable – …Is a Debit balance account.
GAAP? – ( Generally Accepted Accounting Principles)
Owners equity – owners current investment or claim to the assets of the company

This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply