Accounting 1: Chapter 1 Century 21 9e

Cash Receipts – represent cash inflow (such as cash sales) that increases the cash balance of the business.
Balance sheet – presents assets, liabilities and owner's equity at a specific date. A balance sheet is also called Statement of Financial Position.
Balance
Sheet – Assets, Liabilities and Equity…(also known as the Statement of Financial Position. The balance sheet is the only statement that provides information as of a set date
Other Comprehensive Income – gains or losses that are not reported on the income statement yet.
Чистые активы в обороте – Net current assets
investing activities – -a company needs to purchase resources in order to run its day to day operations
-acquisition or disposition of items such as land buildings and equipment
The number of electrons in the outer energy level of a neutral atom of boron (atomic number 5) is ________.
Which of the following statements is true about a company's 2007 income statement?
a. It shows the resources that the company has on hand at the end of 2007.
b. It reflects the company's activities that took place during 2007
c. It shows the cash paid by the company during 2007 for expenses
d. It shows the cost of inventory that the company purchased during 2007 – b. It reflects the company's activities that took place during 2007
When the owner contributes personal truck to the biz, liabilities __ – No effect
Interest Expense – Expense
Income Statement
Debit
debit card – a bank card that when making purchases automatically deducts the amount of a purchase from the checking account of the cardholder
Accounts – A ledger is a book of
The number оf electrоns in the оuter energy level of а neutrаl аtom of boron (atomic number 5) is ________.
accrual basis accounting – Revenues are recognized when earned, even if cash was not received.
Expenses are recognized when incurred, even if cash was not paid.
What type of company asset would machinery be considered? – Plant Asset
#4. Which of the following events causes a net decrease in total assets? – payment of utilities bills not previously recorded as an obligation
Gross Profit Margin – (Gross Profit on Sales)/(Net Sales)

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