Accounting Chapter 6

Financial accounting – provides information for external users such as lenders, shareholders, customers, etc
Stock Certificate – Evidence of the ownership of corporation stock
Net Purchases. – Purchases minus purchase returns and allowances minus purchase discounts.
Uncollectible accounts – Accounts receivable that cannot be collected.
Materiality – Importance of reporting
Lessee – مُسْتَأْجِر
Recordkeeping – the recording of transactions and events, either manually or electronically.
Owner investments – Assets put into the business by the owner
Which of the following is an isotope of 3216S, sulfur-32? (Select the appropriate letter.) (A) 3216S (B) 3215P (C) 3016S (D) All of the above. (E) None of the above.
Debit – Left side of a t account
Cost Constraint – The cost constraint (or cost-benefit relationship) relates to the notion that the benefits to be derived from providing certain accounting information should exceed the costs of providing that information. The difficulty in cost-benefit analysis is that the costs and especially the benefits are not always evident or measurable.
Remuneration – 'A' of business income
Know the difference between FOB shipping point and FOB destination – 12.
Creditors – those who lend money or deliver goods and services before being paid, are interested mainly in whether a company will have the cash to pay interest charges and to repay the debt on time
fiscal year – a fiscal period consisting of 12 consecutive months
Which оf the fоllоwing is аn isotope of 3216S, sulfur-32? (Select the аppropriаte letter.) (A) 3216S (B) 3215P (C) 3016S (D) All of the above. (E) None of the above.
PAID-IN CAPITAL – THE AMOUNT INVESTED IN THE CORPORATION BY ITS OWNER, THE STOCKHOLDERS. ALSO CALLED CONTRIBUTED CAPITAL.

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