Accounting: Chapter 6 Vocab

determinación de oficio de un impuesto – ex oficio assessment
Merchandise companies – Can make/sell their own product. Or sell product from another
Owner's Equity – The owner's investment in the business (this can be include cash or other assets such as machinery or vehicles that the owner has contributed to the business); the business owes the owner's equity to the owner if the business if the business ceases to exist.
Periodic inventory system – An inventory system under which the company does not keep detailed inventory records throughout the accounting period but determines the cost of goods sold only at the end of an accounting period.
note payable – A liability evidenced by a written promise to make a future payment.
Monetary – All transactions are recorded in New Zealand Dollars (NZD)
Schedule of cost of goods manufactured – a schedule that contains three elements of product costs- direct materials, direct labor, and manufacturing overhead – – and that summarizes the portions of those costs that remain in ending work in process inventory and that are transferred out of work in process into finished goods.
Board of directors – A group elected by the stockholders to set policy for a corporation and to appoint its officers.
Check – A business form which a company uses to pay cash from a bank to an account
Uses of Income Statement – Risk, Operating Capability, Financial Flexibility
What is a paralegal?
Journal entry – Format used for recording transactions
Copyrights – 1. Asset
2. Balance Sheet
3. Debit
4. Permanent
Average cost method – An inventory costing method that uses the weighted-average unit cost to allocate the cost of goods available for sale to ending inventory and cost of goods sold.
Interest expense – part of other items income statements
postdated check – a check with a future date on it
Payroll Taxes – Taxes based on the payroll of a business
The journal – Book where transactions are initially recorded in chronological order (order in which they occur )
Whаt is а pаralegal?
Correcting entries – Entries to correct errors made in recording transactions.
Normal Balance – The balance that appears on the increase side of an account.

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