Accounting I: Financial Accounting Ch 2

allowance for bad debts – current contra asset
Accounts Receivable Ledger – A subsidiary ledger that contains credit customer accounts.
CHART OF ACCOUNTS – A LIST OF ALL A COMPANY'S ACCOUNTS WITH THEIR ACCOUNT NUMBERS
accepted practice – elfogadott gyakorlat
General Ledger – A group of accounts.
income statement – rachunek zysków i strat usa
International Accounting Standards Board – The organization formed to develop worldwide accounting standards
Examples of Current Liabilities – Account payable, Short term notes payable, sales tax payable, accrued liabilities, payroll liabilities, unearned revenue, current portion of long term debt
Capitalizing – recording expenditures as assets and charging them to expense by a systematic allocation over a number of years
Find Payback Period with 10% of the Interest of the following project which has salvage value (SV) = $100: End of Year 0 1 2 3 4 5 Negative Cash Flow 1000 0 200 0 200 0 Positive Cash Flow 0 100 250 400 500 200 and 600 SV Answer (in years)                                                                                             
stated value – the legal capital assigned per share to no par stock
Accrued Liabilities – business knows the amount owed but had not paid it yet
DR-
Invoice – Form describing goods or services sold, and the price
Deferrals – Adjusting entries for either prepaid expenses or unearned revenues.
Sales return – Resulting in a decrease in the vendors accounts recieveable, is called a sales return
An itemized listinig prepared by the bank of additionas to and subtractions from a depositor's account is: – Bank statement
Expenses – The costs associated with doing business
Find Pаybаck Periоd with 10% оf the Interest оf the following project which hаs salvage value (SV) = $100: End of Year 0 1 2 3 4 5 Negative Cash Flow 1000 0 200 0 200 0 Positive Cash Flow 0 100 250 400 500 200 and 600 SV Answer (in years)                                                                                             
Expense, Income Statement – Type and Statement for: Depreciation Expense

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