Merchandise Business – A business that purchases and sells goods.
income summary – a temporary account used in closing revenue and expense accounts
True – When items are bought and paid for later this is referred to as buying on account
short term liabilities – éven belüli kötelezettségek
Пролонгированный кредит – Extended credit
When a company makes an investment in its own common stock the effect is – assets decrease and shareholders equity decrease
Posting – Transferring data from the journal to the ledger.
Vendor – A business from which merchandise is purchased or supplies or other assets are bought.
Remuneration – 'A' of business income
Excessive conflict can erode organizational performance because of political infighting, dissatisfaction, lack of teamwork, and turnover.
materiality – judgment on weather an items size makes a difference
cost structure – the relative proportion of fixed, variable, and mixed costs in an organization.
revenue – what your in business to do
Materiality constraint – If the amount involved is not significant then GAAP does not have to be followed
Excessive cоnflict cаn erоde оrgаnizаtional performance because of political infighting, dissatisfaction, lack of teamwork, and turnover.
Income Statement – A financial statement showing the revenue and total expenses for a fiscal period
Compound Entry – An entry requiring more than one debit and/or more than one credit.
What are the three categories of non-current assets? – 1. Intagibles
Bad debts – Accounts receivable which are uncollectable are