Accounting Chapter 5

Assets & expenses – The group of accounts which you debit when increased are
Merchandising Business- – a business that purchases and sells goods.
expense – a decrease in owners equity resulting from the operation of a business
Revenue – increase in owner's equity, increase with a credit
FOB destination point – terms that require the seller to pay for the cost of shipping the merchandise to the buyer
Sales Journal – A special used to record only sales of merchandise.
Fill in the blanks with the preterite form of ser or ir. Ricardo y yo __________ al museo por la mañana.
Workers' Compensation Insurance – Insurance that protects employees against losses from job-related injuries or illnesses, or compensates their families if death occurs in the course of the employment.
separation of duties – money handling duties (cashier) separate from recording duties (book-keeping)
Fill in the blаnks with the preterite fоrm оf ser оr ir. Ricаrdo y yo __________ аl museo por la mañana.
account – A comprehensive system for collecting, analyzing, and communicating financial information
CONSERVATISM – No profits are anticipated and all possible losses are recognized.
profit and loss account – rachunek zysków i strat
Capital stock – Total shares of ownership in a corporation
Just-in-time management – Management technique designed to lower costs of holding lots of stock

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