Accounting Ii Chapter 21 Vocabulary

Interest Payable – 1. Liability
2. Balance Sheet
3. Credit
4. Permanent
earnings forecast – predictions of earnings for future accounting periods prepared by financial analysts
accounting equation – an equation showing the relationship among assets, liabilities, and owners equity.
Iclicker Posting is the process of – Transferring the debit and credit into from the journal of individuals…
contingent liability – a potential obligation arising from a past event
On Account – An arrangement to allow payment at a later date; also called a charge account or open-account credit.
What type of intangible asset gives the owner the exclusive right to reproduce and sell an artistic or published work? – Copyrights
Account receivable turnover ratio – Net sales divided by average account receivables
cash payments/cash disbursements – money and money substitutes paid
When criminal complaints are found through investigation to be unfounded, they are eliminated from the actual count in the Uniform Crime Report.
cost object – anything for which cost data are desired. examples of cost objects are products, customers, jobs and parts of the organization such as departments or divisions (p43)
Verifiable – The quality of information that occurs when independent observers, using the same methods obtain similar results
When criminаl cоmplаints аre fоund thrоugh investigation to be unfounded, they are eliminated from the actual count in the Uniform Crime Report.
Financial Transactions – Transactions that involve money, e.g. interest.
42. Which of the following is the correct order for preparing the financial statements?
A. Balance sheet, statement of stockholders' equity, and income statement.
B. Balance sheet, income statement, and statement of stockholders' equity.
C. Statement of stockholders' equity, income statement, and balance sheet.
D. Income statement, statement of stockholders' equity, and balance sheet. – D. Income statement, statement of stockholders' equity, and balance sheet.
Form W-4 is a/an: – Employees' withholding allowance certificate
LIFO – most recent purchases are sold first and charges to cost of goods sold
COST PRINCIPLE – A PRINCIPLE THAT STATES THAT ACQUIRED ASSETS AND SERVICES SHOULD BE RECORDED AT THEIR ACTUAL COST

This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply