Accounting 1 Normal Balance

Beginning of period Retained Earnings + Net income – Dividends = End of period Retained Earnings – The equation on the Retained Earnings statement
Sales Journal – A journal used to record sales on account of inventory.
Stock record – A form used to show the kind of merchandise, quantity received, quantity sold, and balance on hand
interest revenue – money received for interest
Contra Accounts – an account whose balance reduces the value of the account it describes; used to arrive at the book value of assets. Ex: Accumulated depreciation – building is used to determine the realistic value of the building.
going concern – business stays in business
line department – is directly involved in providing goods and services to the customers of the company
The unusual or exaggerated allergic reaction to antigen that leads to severe respiratory and cardiac complications.
IAS 10 Events after the Reporting Period – * Events that take place after the FS have been prepared but before authorisation
* Changes can only be made after the end of the financial year and before the FS have been authorised for issue
* ADJUSTING EVENTS – provide evidence of conditions that existed AT THE END of the reporting period. If material then FS should be changed
* NON-ADJUSTING EVENTS – conditions that arose AFTER the reporting period. No adjustment made to FS. If material then disclosed in notes.
Corporation – a business firm whose articles of incorporation have been approved in some state
Term Bonds – Bonds that mature on the same date.
Dishonored check – A check that a bank refuses to pay
The unusuаl оr exаggerаted allergic reactiоn tо antigen that leads to severe respiratory and cardiac complications.
The adjusting entry for the depreciation expense of embalming equipment for the period includes which of the following entries: – Debit Depreciation Expense – Equipment/Credit Accumulated Depreciation – Equipment
electronic funds transfer system – A computerized system that electronically performs financial transactions such as making purchases, paying bills, and receiving paychecks.
When a bond is issued at a lower rate of market interest than the stated rate – cash received is higher than maturity balue
first-in, first-out (FIFO) method – an inventory costing method that assumes that the earliest goods purchased are the first to be sold
owners equity – The amount remaining after the value of all liabilities is subtracted from the value of all assets

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