Accounting I Chapters 1 Thru 9 Century 21 Accounting

A sale of merchandise increases the revenue of a business. – True
information processor – bookkeeper
Accrual basis of accounting – When you recognize revenue when it is earned, and expenses when they are incurred you are operating under the
What are the steps for preparing a trial balance on a worksheet? – 1. Write acc. title
2. Record debit and credit balances
3. Draw a single line at the bottom
4. Add the totals
5. Write totals
6. Draw a double line at the bottom
Limited liability – if the business fails the owner's personal assets may not be used to repay the debts of the business.
Financial accounting – Info provided for external users
dividend – if business transfers some or all of its earned assets to owners
balance sheet – total assets balances with claims on those assets
Income statement – describes a companies revenues and expenses along with the resulting net incomeor loss over a period of time due to earnings activities.
depreciation – process of systematically allocating the original cost of plant/ equipment to expense over the periods benefited
non cash expense
What is the Function of the Cell Organelle at “B”
Stockholder – owner of one or more shares of a corporation.
Capital – Owners investment in the company
Whаt is the Functiоn оf the Cell Orgаnelle аt “B”
schedule of cost of goods sold – a schedule that contains three elements of produces costs- direct materials, direct labor, and manufacturing overhead – and that summarizes the portion of those costs that remain in ending finished goods inventory and that are transferred out of finished goods into cost of foods sold.

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