Double entry – the basic accounting theory is based on
Selling Expenses – Expenses related to marketing and selling the company's products.
current assets – Assets that a company expects to convert to cash or use up within one year or the operating cycle, whichever is longer
Answerability – Sanctions must be coupled with this. Those who have the obligation to deliver should also have a binding duty to answer questions and explain themselves when things go wrong.
accounts receivable ledger – simplifies the process of who owes you, how much and how much they pave paid to date and provides you with a history of their payments
Current Liabilities – Liabilities due within a short time, usually within a year
activity base – factory overhead cost are allocated to job using a common measure related to each job
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Classified Financial Statement – A format by which revenues and expenses on the income statement, and assets and liabilities on the balance sheet, are divided into groups of similar accounts and a subtotal is given for each group.
Accounting equation – Equality involving a company's assets, liabilities, and equity; Assets = Liabilities + equity; also called balance sheet equation. (p.22)
accounting – the process of planning, recording, analyzing, and interpreting financial information
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Goodwill – Only recorded when entire business is purchased; never internally created; excess of the purchase price over the fair market value of net assets aquired