Accounting Vocabulary Chps 1 3

Know if a debit or credit increases or decrease the various accounts – b.
TEST!! Company side that ends up there – Anything recorded in the bank that is not in the financial statements yet
Creditors – A person or organization to whom a liability is owed.
employer payroll taxes – FICA social security; FICA medicare; FUTA; SUTA
Sales Tax – A tax on a sale merchandise or service.
Inventory Turnover – Determined by dividing the cost of goods by the average inventory
Debit card – a bank card that, when making purchases, automatically deducts the amount of the purchase from the checking account of the cardholder
True of False:

The S.E.C designates the FASB as the organization to determine accounting standards for all public companies – True

Cash Deficit – A decrease in a positive bank balance or an increase in a bank overdraft. (more cash payments than cash receipts)
Notes Receivable – amounts owed to a company; the company loaned money to another party and expects to be repaid over a period of time. Interest is charged
A woman who is heterozygous for an allele that results in X-linked pattern baldness marries a man who is nonbald. Which of the following would be true of their offspring?
PROPRIETORSHIP – A BUSINESS WITH A SINGLE OWNER
principles of full disclosure – Requires that companies disclose all circumstances
and events that would make a difference to financial statement users.
A wоmаn whо is heterоzygous for аn аllele that results in X-linked pattern baldness marries a man who is nonbald. Which of the following would be true of their offspring?
Purchase invoice – A document that provides support for each purchase.
Drawing Account – Owner Withdrawal. A separate owner's equity account in which withdrawals of cash or other assets by the owner for personal use are recorded.
external audit – внешний аудит

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