Accounting _

Other assets – Balance sheet
last under assets
Long-term prepaid expenses, noncurrent receivables
Purchases journal – Credit purchases of inventory
Financing receivables – amounts owed to a company for financing the purchase of goods or services for customers. Customers will pay for the goods or services over a period of time. interest is charged
Contra-Owners Equity, Statement of retained earnings, Debit, Temporary – Dividends
Capital – The account used to summarize the owner's equity in a business.
Assets – anything of material value or usefulness
Stock for Control – Is the ability to determine the operating and financing policies of another company through ownership of voting stock (company owns more than 50% of the outstanding voting shares).
false – To record the sale of goods for cash in a perpetual inventory system two journal entries are necessary: one to record the receipt of cash and sales revenue, and one to record the cost of goods sold and reduction of inventory.
Cash Payments Journal – A special journal used to record only cash payment transactions.
special journal – A journal used to record only one kind of transaction.
The Strategic Management Society voted Michael Porter, a Harvard Business School professor, the most influential living economist.
Sales Journal – A special journal used to record only sales of merchandise on account.
Batching out – The process of preparing a batch report of credit card sales from a poin-of-sale terminal called batching out.
examples of liabilities – -accounts payable
-wages owed to employees
-unearned anything
Common stock – Describes the total amount paid in by stockholder for the shares they purchase
liabilities – creditors' claims on assets
Accounts receivable would appear on the – balance sheet with the current assets
Amortization Expense – the cost of using an intangible asset; estimates the toatl time in eyars the company will get benefit from using the asset
The Strаtegic Mаnаgement Sоciety vоted Michael Pоrter, a Harvard Business School professor, the most influential living economist.
Modified Accelerated Cost Recovery System (MACRS) – Is the method similar to the Declining-Balance method and is applied over relatively short asset live to yield high depreciation expense in the early years.
Business Resources – Amount from Creditors + from Owners

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