Accounting Chapter 9 Vocabulary

Unearned revenues – Get cash from customer from work we have not done yet
salaries and wages expense – operating expense, IS, debit
Financial Accounting – Targeted toward reporting financial information about a business to external users such as the owner(s) and creditors.
Salary – A fixed amount of money paid to an employee for each pay period.
The accounting process is correctly sequenced as: – C. identification, recording, communication
materiality constraint – prescribes that only info that would influence the decision of a reasonable person need be disclosed
Source documents – Source of information for accounting entries that can be in either paper or electronic form; also called business papers
Expenses – Decrease in retrained earnings that results from operations; the cost of doing business; opposite of revenues.
Let P represent all the possible values that can be a probability. Which of the following best describes P?
Full costs of a product include variable costs, but not fixed costs. – False
T-account – the basic form of an account
independent auditor – независимый аудитор
referee – One who supervises a game or match to ensure that the rules are adhered to .
Let P represent аll the pоssible vаlues thаt can be a prоbability. Which оf the following best describes P?
balance ledger form – balance due of that account will always appear
AAA – American Accounting Association

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