Accounting Vocabulary Chapters 79

on account – buying on credit; agreeing to pay for a product or service at a later date
proprietorship – a business owned by one person
Cash outflows (Uses of Cash) – These include payments to vendors, paying off bank loans, etc.
Business Entity Principle – Business is separated from its owners. Revenues and expenses are kept apart from the personal accounts.
"Financing Section" – section of statement of cash flows

cash related to borrowing and repaying debt, or payments to or from owners

Balance Sheet – Lists all assets, liabilities, and OE
Cash-basis accounting – Does not matches expenses with revenue, only records transactions when the cash received or paid.
What classification of ratios measure the overall performance of the firm relative to revenues, assets, equity, and capital? – Profitability Ratios
closing entries – journal entries used to prepare temporary accounts for a new fiscal period
partnership – A form of business ownership in which two or more people share the assets, liabilities, and profits.
Keith is 30 years old and he has volunteered to donate bone marrow to his sister. He arrives to the hospital and the doctor is preparing him for the procedure. In which of the following is the bone marrow needle going to be inserted?
operating revenue equation – gross revenue – sales returns and allowances
Units-of-production depreciation – Method that charges a varying amount to depreciation expense for each period of an asset's useful life depending on its usage.
stock – shares into which the owners' equity of a corporation is divided.
Blank Endorsment – An endorsment consisting only of the endorser's signature
Service Business – A business that performs an activity for a fee.
Gains – Increases in assets or decreases in liabilities from peripheral transactions.
Keith is 30 yeаrs оld аnd he hаs vоlunteered tо donate bone marrow to his sister. He arrives to the hospital and the doctor is preparing him for the procedure. In which of the following is the bone marrow needle going to be inserted?
Copyrights – Exclusive right to publish and sell a musical, literary, or artistic work during the life of the creator plus 70 years.

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