Electronic Funds Transfer – A computerized cash payments system that transfers funds without the use of checks, currency, or other paper documents.
Accounting Equation – Assets=Liabilities + Owner's Equity
Chart of Accounts – A list of all the account titles and discount numbers assigned to them.
When estimating a cost function, cost behavior can be approximated by a linear cost function within the relevant range. – True
. An accrual refers to an event where the: – expense or revenue is recorded before the cash settlement
Sale on Account – A sale for which cash will be received at a later date
Merchandise- – Goods that a merchandising business purchases to sell.
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Requires a high degree of consensus among individuals on a given measurement. – Verifiability.
Finished goods – units of product that have been completed but not yet sold to customers.
Asset – An economic resource that is objectively measurable, results from a prior transaction, and will provide future economic benefit
Cash on hand at the end of the period > Cash on hand during the beginning of the period. – Positive cash flow
Accounting Cycle Step 2 – Accounting Cycle: Step to journalize the transactions. Record the effects of the transactions in a journal.
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Free Enterprise System – An economic system in which people are free to operate their businesses as they see fit, with little government interference.