Accounting 610 Chapter 1

Petty cash – an amount of cash kept on hand and used for making small payments
gross receipts – Bruttoeinnahmen
Accounting equation – Assets=liabilities + owners equity
Costing systems with multiple cost pools are considered ABC systems. – False
Accounting – Information and measurement system that identifies, records, and communicates relevant information about a company's business activities. (pg4)
statement of retained earnings – Summary of the changes in the retained earnings of a corporation during a specific period.
purchase returns and allowances – a way money can come back to a business
rent receivable/ accrued income – current asset
Bookkeeper – A person who does general accounting work plus some summarizing and analyzing of accounting information
If the demand for the US dollar increases, it means that it will take more of other currencies to buy a USD. 
stated rate > market rate – premium, CV decreases
Patent, Research and Development Cost, Copyrights, Trademarks, Franchises/Licenses, and Good will are all examples of what – Intangible assets
Management accounting – field of accounting that provides the information for internal decision makers of organisations
Revenue Expenditures – Items that go on income statement.
At the end of the business day the cash register tape shows a cash shortage. The following journal entry should be made: – Credit Cash/Debit Cash Short & Over
If the demаnd fоr the US dоllаr increаses, it means that it will take mоre of other currencies to buy a USD. 
Adjusting LIFO inventory to FIFO (BS) – FIFO Inventory = LIFO inventory +LIFO Reserve
Account title – The given to an account
General Journal – A financial record for entering all types of business transactions; a record of original entry.
Occupational fraud – Deliberate misuse of employers resources

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