Accounting Unit 2

Working capital – the excess of total current assets over total current liabilities
Gross profit – the profit that a company generates when considering only the sales price and the cost of the product sold
Score cards – These are a participatory, community-based approach for assessing government services or facilities by grading them according to a range of scores.
A person to whom a debit is owed is called a – Creditor
Текущие оборотные активы, оборотный капитал – Current/floating assets
Expense – A decrease in owners equity.
T-Account – Is a tool for summarizing transaction effects for each account, determining balances, and drawing inferences about a company's activities.
FOB SHIPPING POINT – SITUATION IN WHICH THE BUYER TAKES OWNERSHIP (TITLE) TO THE GOODS AT THE SHIPPING POINT AND THE BUYER PAYS THE FREIGHT
A business that performs an activity for a fee – Service Business
A research design in which there is direct researcher manipulation of the independent variable and assignment to treatment is a(n):
Sales Returns and Allowances – A contra revenue account where sales returns and sales allowances are recorded; sales returns and allowances are subtracted from sales to determine net sales.
Net Income – the difference between total revenue and total expenses when total revenue is greater
In simple terms, what are assets and liabilities? – Assets are what you own and liabilities are what you owe.
Merch business – When businesses buy from wholesalers
Billed customers for services performed – Accounts receivable: Income from services.
Assets and Revenue.
Assets: Increases.
Revenue: Increases.
Debit and Credit.
Balance Sheet and Income Sheet,
Predetermined overhead rate – a rate used to charge manufacturing overhead cost to jobs that is established in advance for each period. it is computed by dividing the estimated total manufacturing overhead cost for the period by the estimated total amount of the allocation base fo the period.
Premium on Bonds Payable – Liabilities
A reseаrch design in which there is direct reseаrcher mаnipulatiоn оf the independent variable and assignment tо treatment is a(n):
Accounting equation – Any equation showing a relationship among assets liabilities and owners equity
Unicorporated – Not registered to pay tax and has unlimited liability.
statement of stockholders equity …. – reports the way that net income and the distribution of dividends affected the financial position of the company during the accounting period
Monetary Concept – Record transactions in terms of money
Liability – An obligation: An amount owed.

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