Accounts

Callable bond – Can be redeemed by issuer prior to maturity
Revenue – increase in assets or a decrease in liabilities that a company obtains by providing customers with goods or services
Blank Endorsement – sign your name on back of a check
Spreadsheet is used for: – Income Statement
Balance Sheet
Retained Earnings Calculations
General Journal – Journal used by merchandising business to record all transactions that are not recorded in another special journal and all adjusting and closing entries.
Sales discount – a reduction given by a seller for prompt payment of a credit sale
Paid Premium for Insurance policy – Prepaid Insurance: Cash.
Assets.
P.P.I.: Increases.
Cash: Decreases.
Balance Sheet/
Account balance – The differences between the increases and decreases in an account
Assets – Economic resources that arr expected to benefit the business in the future. Something the business owns or has control of.
Nǐ shì nǎ guórén? (你是哪国人?)
Restrictive Endorsement – restricts transfer of a check
The sales forecast is influenced by:
a. advertising and sales promotions
b. competition
c. general economic conditions
d. All of these answers are correct. – d. All of these answers are correct.
Nǐ shì nǎ guórén? (你是哪国人?)
International Financial Reporting Standards
(IFRS) – The standards being developed and promoted by the International Accounting Standards
Board.
avoidable cost – cost that can be eliminated by choosing an alternative
Elements of the Income Statement – Revenues, Expenses and Net Income.

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