Accounting Chapter 4

accounting period – set accounting period that is usually one year
Check Stub – A source of information for the journal
Invoice – A form describing the goods or services sold, the quantity, and the price.
Long-term liabilities – Obligations that a company expects to pay after one year.
DEBIT – THE LEFT SIDE OF AN ACCOUNT
Statement of Earnings or
Statement of Operations – what is the other name for the income statement
Net Loss – The difference between total revenue and total expenses when total expenses are greater
Social security – F.I.C.A. refers to
The cyclic electron pathway produces only
Step 1 of handling a transaction – Analyze each transaction and event from source documents
Double Entry account/bookeeping – The process of recording equal debits and credits for a single business transaction.
operating account – i┼čletme hesab─▒
Incomes – Things that increase the bussiness profits
What type of account is accounts receivable – Debit
present value – the value at an earlier date of a given future sum discounted at compound interest
What are non- current assets comprised of? – 1) Fixed- Assets
2) Other Assets
The cyclic electrоn pаthwаy prоduces оnly
gross margin ratio and what it test – calculates the percentage of dollar sales available to cover expenses and provide a profit.

net sales – cost of goods sold / net sales

Accrued revenues – Revenues earned in a period that are both unrecorded and not yet received in cash; adjusting entries for recording accrued revenues involve increasing assets and increasing revenues
provisionar – to set up a provision

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