Accounting General Journal, 9e: Chapter 01

Allowance for uncollectible accounts – Assets
Increased – An entry on the credit side of a revenue account indicates the account has been
Freight-In – Transportation cost paid by the buyer and added to cost of goods sold.
securities and exchange commission – US government agency which oversees the operations of the stock markets which trade stocks, bonds, and other types of securities.
A company reports a debit balance in Cash Over and Short as a(n)
A. liability.
B. miscellaneous expense.
C. miscellaneous revenue.
D. asset. – B
Capital – Get count used to summarize the owners equity in the business
Adjusting entries – An entry of assets and liabilities not initially included in finances
materiality principle – An accounting principle that states that only items that are "material" or that "make a difference" should be presented in financial statements
Accounting equation – The amount remaining after values of the liability and owners equity is called Accounting equation
Generally accepted accounting principles, or GAAP, are the rules and procedures established by the Financial Accounting Standards Board, or the FASB. – True
Baseline data provides a reference point against which intervention data can be compared to evaluate the intervention’s effect.
Inventory turnover – A ratio that indicates the liquidity of inventory by measuring the number of times average inventory sold during the period; Cost of goods sold/the average inventory
credit – the right side of an account.
Financial accounting – The branch of accounting that provides information to people outside the firm.
Bаseline dаtа prоvides a reference pоint against which interventiоn data can be compared to evaluate the intervention’s effect.
Throughput Time – process time, inspection time, move time, queue time
writing off bad debt – accounts are identified as uncollectible; debit allowance for doubtful accounts, credit accounts receivable

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