College Accounting Chapters 14

Notes Payable – A written promise made by the business to pay a debt, usually involving interest, in the future.
balance sheet represents an activity – at a point in time (snapshot)
Indirect Labor – labor costs that cannot be physically traced to particular produces or that can be traced only at great cost and inconvenience.
Direct Materials – Material costs that can be easily traced to a product
Traceable Fixed Costs (Direct FC) of a segment – -can be directly traced to the segment
-exist only when the segment exists
-directly charged to the segment
-some are controllable to the segment manager, some not
Financial Accounting – The area of accounting that refers to providing information to support external investment and credit decisions.
The Earth has a magnetic field because its core is
Inventory – A mixture of finished products for ready sale and raw materials.
time interest earned ratio – earnings before interest and income taxes / interest expense OR
(net income + interest expense + tax expense) / interest exp
balanced budget – ein ausgeglichener Haushalt
to maintain – поддерживать, сохранять
обслуживать
Bank statement – A report o deposits, withdrawals, and bank balances sent to a depositor by a bank
The going-concern concept – assumes that the entity will remain in operation for the foreseeable future.
Assets – =Liabilities+Stockholders' Equity, economic resources owned by a entity/company (cash, inventory, plant and equipment), anything that provides future benefit to a fir, initially measured at the cost incurred to acquire it
The Eаrth hаs а magnetic field because its cоre is
cash register – آلة تسجيل النقود
Payments – an amount of money leaving the business
Liabilities – amounts presently owed by a business

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