Accounting Chapter 4 Vocab

sales – $ from merchandise sales
interest receivable/accrued interest – current asset
Net Sales/ Average total assets – Asset Turnover
Sole Proprietor – One owner/Sole trader fully liable for the business's debts (unlimited liability: personal assets can be sold to pay for the business's debts)
partnership – A type of business considered to exist when there is co-ownership of a business activity carried on with the objective of making a profit.
elements – categories of items
Which term means abnormal condition of excessive sweat?
accounts receivable subsidiary ledger – A separate ledger that contains accounts for all charge customers; it is summarized in the Accounts Receivable controlling account in the general ledger.
Step Two in the Accounting Process – Recording – Entering financial information about events into the accounting system.
financing activites – generally long-term liability and equity terms
(analyze increases & decreases in noncurrent liablilites and stockholders' equity items)
general ledger – ledger that contains all accounts needed to prepare financial statements
Current assets – Assets that change over a short period of time
additional paid-in capital – the amount over par value
acrobat – One who does daring gymnastic stunts
Which term meаns аbnоrmаl cоnditiоn of excessive sweat?
expense – decrease in owners equity resulting from the operation of a business
2 types of Accounting – Financial, managerial

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