Accounting: Debits & Credits

Expenses – The cost of selling goods of services
Expense, Income Statement, Debit, Temporary – Depreciation Expense
Adjusting Entry – Is required at the end of the accounting period for any unpaid interest
An account consists of: – C. A title, a debit side, and a credit side
Expense – A decrease in the owner's equity resulting from the operation expenses in a business is called an expense
Contractually Assumed Obligation – General request NOT OK
Client must specifically identify and request comment
transaction – A business that change assets, liability, or owner's equity
Net income & investment of assets in the business by the owner – The proprietorship of a business may be increased by
The substance with muscle that assist in oxygen transfer is known as ________________.
Balance sheet – Snapshots of company's assets and liabilities / shows accumulated earnings or loses
capital – The account used to summarize the owners equity in a business
Mortgage Payable – Long-term Liability
service business – a business that buys finished goods and resells them to individuals or other businesses
Sales on account – A sale for which cash will be received at a later date
The substаnce with muscle thаt аssist in оxygen transfer is knоwn as ________________.
installation – производственная установка (устройство, прибор)
Audit Report – A report that describes the auditor's opinion of the fairness of the financial statement presentations and the evidence gathered to support that opinion.
Adjusting entries – An entry of assets and liabilities not initially included in finances

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