College Accounting Chapters 14

Revenues – Inflows or other enhancements of assets of an entity or settlement of its liabilities (or a combination of both) during a period from delivering or producing goods, rendering services, or other activities that constitute the entity's ongoing major or central operations.
Credit – the right side of an account
Minimum requirement for quick ratio – 1:1
List Price – An established retail price.
auditor's report – Prüfungsbericht
investing activities – involve spending a company's capital in ways that will help it achieve its goals. They include buying the resources needed to operate the business, such as land, buildings, and equipment, and selling those resources when they are no longer needed
Accounts can be: – Permanent or temporary
Income statement or balance
Closed or not closed
Debit or credit
Telecheck/Eclipse terminals-proper usage and accounting treatment – • Machine used to verify checks to make sure that they won't bounce
• You get a print out that goes into the cash drawer
• You write void on the check
• Make a copy of the check and then return it to the customer
A credit card sale is a sale in which cash is received for the total amount of the sale at the time of the transaction. – False
assets – Probable future economic benefits obtained or controlled by a particular entity as a result of past transactions or events.
What term is used to identify frank bleeding of the rectum?
Long-term liabilities – Obligations that a company expects to pay after one year.
Users of Accounting – owners, government, managers, employers, employees, bank/lenders, suppliers/ creditors, customers, public, potential investors
Whаt term is used tо identify frаnk bleeding оf the rectum?
cash basis accoutning – system of accounting in which transactions are recorded and revenues and expenses are reconized only when cash is received
Purchases – The buying of merchandise
International Accounting Standards Board (IASB) – An organization that issues International Financial Reporting Standards for many countries outside the United States.
Allowance – Reduces the amount of income tax to be withheld.
A company's current assets minus its current liabilities – Working capital

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