Accounting I Chapters 1 Thru 9 Century 21 Accounting

Periodicity of Income Assumption – Periodicity is the idea that economic activities of an entity can be divided logically and identified with specific time periods, such as the year or quarter.
The cost of utilities that the company used during the year – Expenses
Managerial accounting – Area of accounting aimed mainly at serving the decision-making needs of internal users; also called management accounting
Closing entries – journal entries used to prepare temporary accounts for a new fiscal period
time period – a length of time on the calendar used as the basis for preparing financial statements
Terminal Summary – The report that summarizes the cash and credit card sales of a point-of-sale terminal.
Capitol – the account used to summarize the owner's equity in a business
Client Fees – An increase to which of the accounts will increase owner's equity?
prepaid – common account name

expense is always an asset because future benefit has been paid

Accounts payable – Current liability
A cash flow diagram is a graphical description of each alternative’s cash transactions over a period of time.
What is the Monetary unit assumption? – An assumption that requires that only those things that can be expressed in money are included in the accounting records.
miscellaneous expenditure – sonstige Aufwendungen
bank endorsement – an endorsement that only cosists of the endorser's signature
Prevention Costs – training, quality circles, quality engineering, audits of quality systems, statistical process control
additional costs – Zusatzkosten
Direct Cost – can be easily traced to a cost object, ID to that object
A cаsh flоw diаgrаm is a graphical descriptiоn оf each alternative’s cash transactions over a period of time.
Common Stock – A denomination of ownership.

A claim of a companies future assets and earnings

IPO – formal name for goin public intial public offering
Schedule of Accounts Payable – A listing of vendor accounts, account balances, and total amount due all vendors.
Accounting system – A planned process designed to compile financial data and summarize the results in accounting records and reports
Debit – An amount recorded on the left side of an account

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