Accounting Chapter 10 Vocabulary

Companies generally follow one of two basic strategies: 1) providing a quality product or service at low prices, or 2) offering a unique product or service often priced higher than competing products. – True
Payable account – A current liability: memorandum to remind the buyer that she owes the seller cash for a purchase.
#36. XYZ Company purchased supplies for $2,000 during 1998. At January 1, 1998, the supplies on hand were
$400. At December 31, 1998, supplies on hand were $300. Supplies expense for 1998 is equal to: – purchased supplies + January 1st supplies 0n hand minus X = Dec 31st on hand
Expenses – Expenses are a decrease in assets or increase in liabilities which causes a decrease in equity and is not a distribution to the owner.
Trend Analysis – Compares a single observation over several years
Obligation to transfer resources arising from a past transaction. – Liabilities
Effective use of functional communication training includes ______.
Equity – the net worth of the business.
Inventory Turnover Ratio – cost of goods sold/ average inventory
The cost of the unused supplies remaining in the company at the end of the year – Assets
Effective use оf functiоnаl cоmmunicаtion trаining includes ______.
Tangible assets – Материальные активы
accumulated depriciation – credit balance, balance sheet, permanent, liabilities
Financial Accountant – Reports for external users.
At the beginning of the period, assets were $450,000 and stockholders' equity was $200,000. During the year, assets increased by $50,000, liabilities decreases by $40,000, and stockholders' equity increased by $90,000. Beginning liabilities must have been: – $250,000
short-term notes payable – liabilities

amounts owed from borrowing from a bank or a financing company

This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply