Ch 5 Accounting For Merchandising Operations

the use of ethics in making business decisions – business ethics
payroll register – a business form used to record payroll information
statement of account – Kontoauszug /Kontoabrechnung
What are intangibles? – Assets without physical form e.g. research and development expenditure, patents, licences and trademarks, publishing rights and titles, goodwill, brands
Events – refer to the happenings that affect the accounting equation and are measured.
reprot – provide useful information to management, investors (owners) and creditors regarding cash flows, resources, and obligations
debit: – an amount recorded on the left side of a T account
equivalent units of output – complete units that could have been
produced given the total amount of manufacturing effort
expended during the period.
sales – Revenue from the sale of merchandise
Think of a time when a historical figure made an important decision. Describe how he or she would have used critical thinking when making the decision. Include the steps of critical thinking and examples in your response.
IASB – International Accounting Standards Board – encourages global acceptance
Accounting Period Cycle – When you report your financial information for your financial statements
Increased – An entry made on the debit side of an expense account indicates that the account has been
Intangible Asstes – A long-term asset category that includes assets with no physical form such as patents, copyrights, and trademarks.
Pending Cash Funds – small amounts of cash kept on hand to pay for minor things. One person only
Standard form of an account – Has 3 money columns ; Debit , Credit & balance
Credit – An amount entered on the right side of an account.
Think оf а time when а histоricаl figure made an impоrtant decision. Describe how he or she would have used critical thinking when making the decision. Include the steps of critical thinking and examples in your response.
Conceptual Framework for Financial Reporting: First Level: The "——" – The "why" purpose of Accounting

Objective

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