Accounting Terminology

FOB shipping point – Freight terms indicating that ownership of goods passes to the buyer when the public carrier accepts the goods from the seller.
Net Sales – Net Sales= Sales – Sales Returns and Allowances – Sales Discounts
Electronic Funds Transfer – electronic transfer of money
What managerial accounting reports? – Detailed plans and continuous performance reports for internal decision makers, for managers
The equation showing the relationship among assets, liabilities, and owner's equity – Accounting equation
Liquidity – The ease with which an item can be converted into cash.
Adjustments – See Adjusting Entries
Units of production – Depreciation amount varies in proportion to the change in level of activity
Although northern whites joined the Union army for many reasons, what was the overriding purpose why blacks fought?
A merchandising company that sells directly to consumers is a – A. Retailer
trader – one who does business
balance sheet – shows what the business HAS (ASSETS) and OWES (LIABILITIES) on a specific date. It also shows the amount OWNED (assets less liabilities)
Useful Life – The length of service of a productive facility.
Creditor – a person or business that has a claim to the assets of a business; a person or business to which money is owed.
FIFO (first in, first out) – a system of recording inventory movements that is based on the assumption that the first goods purchased are the first goods sold
Althоugh nоrthern whites jоined the Union аrmy for mаny reаsons, what was the overriding purpose why blacks fought?
Selling and Admin Expense – Property taxes on the FG warehouse

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