Basic Accounting Terms

fiscal period – the length of time for which a business summarizes its financial information and reports its financial performance
CAR – 18.5% of total body MASS. Forms backbone chains and rings of all organic molecules: Carbohydrates, lipids (fats), protiens, nucleic acids.
General ledger – is the collection of all the ledgers, each showing the current balance of an account after various transactions, the P.R. (page recorded on the General Journal: J1) and the whether the account is a debit or credit.
Delivery equipment( net) – Property and equipment
gross margin ratio and what it test – calculates the percentage of dollar sales available to cover expenses and provide a profit.

net sales – cost of goods sold / net sales

Which of the following would not be considered a merchandising company? – C. Service Firm
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Statement of Stockholder's Equity – A statement that reports the changes that have taken place in all of the stockholders' equity accounts during the period.
Double entry accounting – recording of debit and credit parts of a transaction
Account – a device for recording the changes (increases or decreases) in the fundamental accounting elements.
Interest Payable – …Is a Credit balance account.
money spent is called a…. – "cost" or an "expenditure"
Certified Public Accountant/C.P.A – an individual possessing a college education,having practical experience in accounting and who has passed a comprehensive state examination in order to be certified to practive public accounting in that state
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Balance column account – Account with debit and credit columns for recording entries and another column for showing the balance of the account after each entry
increase to the right side of equation in – liabilities & stockholders equity as a credit
How much interest did the company's debts accrue during 2002? – 2002 Income Statement Expenses

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