Ch 4 Completing The Accounting Cycle

overtrade – przesadzińá w operacjach handlowych
Account – A record of summarize all the information pertaining to a single item in the accounting equation is called a account
revenues – gross increase in equity from a company's business activities that earn income, also called sales
treasurer – employee responsible for the management of a companys cash.
Equities – Financial right to the assets of the business
assets are increased by… – -cash
-accounts receivable
credits – SECOND on journal and shifted slightly to the right- 1/2"
Financial assets:
Markup – The amount added to the cost of merchandise to establish the selling price
Times Interest Earned Ratio – Net income + Interest Expense + Tax Expense/ Interest Expense
faithful representation – requires that the information be complete neutral and free from error
Finаnciаl аssets:
Balance sheet – A financial statement that reports the assets and claims to those assets at a specific point in time.

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