C4 Classify Accounts

Customer deposits – similar to unearned revenue- liabilities
Assets=Liabilities + Owner's equity is the – Accounting equation
What is NOT an objective of a company's internal controls – ensure that the company is using the most effective marketing plan
Long Term Notes Payable – Amounts owed to banks and other financing companies expecting to be repaid sometime after one year
Economic plausibility is an important criterion for choosing a cost driver. – True
Company – 1 or more owners; limited liability; continuous existence.
average cost – computer for all inventory available for sale during the period
Work In Proces Inventory – Includes goods in the process of being manufactured.
The study of HOW the parts of the body come together and function to maintain homeostasis is called ____.
Purchase discount – a cash discount claimed by a buyer for prompt payment of a balance due
Current asset – An asset that is expected to be converted to cash, sold, or consumed during the next 12 months, or within the business's normal operating cycle if longer than a year.
balance ledger form – balance due of that account will always appear
special endorsement: an endorsement indicating a new owner of a check – special endorsement: an endorsement indicating a new owner of a check
payroll register – a business form used to record payroll information
The study оf HOW the pаrts оf the bоdy come together аnd function to mаintain homeostasis is called ____.
Authorized Stock – Total number of shares available to sell to investors. Stated in companies articles of incorporation.
I assisted in providing requested information for – Я помогала в предоставлении запрошенной информации для
Increased – an entry made on the debit side of an asset account indicates that the account has been
monetary assumption – transaction are expressed in its monetary value form in the country
Name 2 Examples of transaction – Ex. Most common transaction at shop is the sale of goods
Ex. Paying 600$ for advertising

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