Expense – An outflow of cash, use of other assets, or incurring of a liability.
accrued revenues – we received cash after we earned the revenue and recorded an asset.
General Journal – provides the location for every transaction based on acct type
payroll employee deductions – debit salaries expense, credit FICA-SS, credit FICA-medicare, credit employee federal income tax payable, credit employee medical insurance payable, employee union clues payable, credit salaries payable.
dividends – distribution of net income to its owners
-decreases assets
-decreases retained earnings (owners' equity)
-NOT an expense and therefore does not appear on an income statement
2.Net Loss – (Net Losses) the amount lost after the wager is deducted from the payout.
Cash Flow from Investing Activities, and examples – CFI- Are cash flow related to the acquisition or sale of the company's productive assets. Example, the purchase of additional equipment.
In order to enhance your learning in chemistry, you should not ________.
Just in Time – almost no inventory, materials are received to go into production, parts arrive at work stations to be assembled, products completed to be shipped
Entity – Organization individual or a group of organizations for which accounting services are performed
Deferred Tax Assets – when an income tax expense is recognized for financial accounting purposes in a fiscal year before the fiscal year in which it is deductible in the determination of taxable income
operating activities (cash flows) – income statement items
(changes in noncash current asset and current liability items)
Define: Profitability Ratos – Measure the overall performance of the firm relative to revenues, assets, equity, and capital
What does FICA stand for? – Federal insurance contribution act
In оrder tо enhаnce yоur leаrning in chemistry, you should not ________.
Statement of Account. – A report sent to each customer, usually at the end of the month, which indicates the status of their account.
bull – an investor who buys stocks and gambles on selling it at a higher price
Debit Memorandum – A form that explains any deduction, other than a check, from a checking account.

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