Accounting Chapter 6

Expenses – Which of these does not appear on the balance sheet
The issuance of a check on a bank without sufficient funds to cover payment when presented is called: – Insufficient Funds (NSF)
Another term for Profit and Lose Statement is – Income Statement
Normal balance – The side of the T-account on which increases are recorded. Asset accounts have a normal debit balance. Liability and equity accounts have normal credit balances. (p47)
Current cost – The cost of replacing an asset
Notes Payable – Liability
pay cash and interest in the near future
DR-
Specifically, identify the structure marked “C”
Person whom money is owed – Creditor
Current asset – one which will be converted into cash or consume in one year or less
Proprietorship – a business owned by one person
Profit & loss statement & Income statement – Expenses are listed on which of the following reports
Sale on account – A sale for which cash will be recieved at a later date
Specificаlly, identify the structure mаrked “C”
ingresos netos por servicios – revenues from services or net
What is the primary objective of Managerial Accounting/ Financial Reporting? – area of accounting that serves the decision-making needs of INTERNAL users.
After the accounts are closed and the journal entries have been posted, which accounts do not have a balance – Temporary owner's equity accounts

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