Principals Of Accounting Chapter 10 Vocabulary

payroll register – a business form used to record payroll information
Income – °Increase in assets OR decrease in liabilities (increase in economic benefit/inflow)
°Increases profit and therefore increases equity (increase in equity)
°Not a contribution by the owner
Petty cash – an amount of cash kept on hand and used for making small payments
Employee – one who is under the control and direction of an employer with regard to the performance of employment.
No physical quantities, but has value based on rights or privileges belonged to the owner – Intangible asset
Contribution Margin – amount remaining from sales after variable costs are deducted/cover fixed costs + provides profit
Temporary Owner's Equity Accounts – accounts utilized to accumulate income, expenses and owner's withdrawals for one accounting period only.
Supplies Expense – Expenses on Supplies
Income Statement
Who was the first African-American to receive the Pulitzer Prize for poetry?
supplier – retains ownership on a shipment until the goods are sold
account reported on the balance sheet – net book value
Issued Shares – The number of shares sold or distributed to stockholders.
Limited Partnership – includes a general partner with unlimited liability
declining balance method – double-declining
*depreciation rate is determined by doubling the rate of used in the straight-line method
residual value is initially ignored
book value= residual value
net profit – Another name for net income.
Whо wаs the first Africаn-Americаn tо receive the Pulitzer Prize fоr poetry?
#15. Lange Company purchased land for $60,000 in 2001. In 2003, the land is valued at $75,000. The land would appear on the company's balance sheet in 2003 at: – the value would be the same as when purchased $60,000
Health insurance premiums payable – Liabilities
Accounts payable – Current liability
Wages Expense – 1. Expense
2. Income Statements
3. Debit
4. Temporary

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