Accounts, Debits And Credits

Step Three in the Accounting Process – Classifying – Sorting and grouping similar items together.
financial accounting – focuses on reporting information to external users
Bad debts – Accounts receivable which are uncollectable are
Buying an Asset on Cash – does not change anything
Exempt Employees – Salaried employees who hold supervisory or managerial positions who are not subject to the maximum hour and overtime pay provisions of the Wage and Hour Law.
general partner – The member(s) of a limited partnership who has (have) unlimited liability for the debts of the partnership
Permanent accounts – Accounts used to accumulate information from one fiscal period to the next
fixed asset – befektetett eszköz, (állóeszköz)
Classify – Financial Statements
net income – equals all revenues minus all expenses for a specific period of time
general partner – The member(s) of a limited partnership who has (have) unlimited liability for the debts of the partnership
Sales Tax Payable – Normal Balance: Credit
Type of Account: Liability
Financial Statement: BS
checking account – a bank account frome which payments can be orded by a depositor
What programs are used to investigate a receivable on your AR list? Explain what these programs do. – • AA0090- Detail summary by contract
o 1 branch, 1 source #, 1 ticket
• AA0110- Customer # summary of all outstanding invoices by group
o 1 source #, whole group, all tickets
• AA0111- Customer # summary of all outstanding invoices by branch
o 1 branch, 1 source #, all tickets
Принцип реализации – Revenue realization principle
Sales invoices – Sales on account, prepare duplicate, original ➡customer, copy ➡ owner (S)
C.B.D. – Collect before Delivery
Profit margin – How much you keep per dollar in sales
general partner – The member(s) of a limited partnership who has (have) unlimited liability for the debts of the partnership
Net Book Value – Is the acquisition cost of an asset less accumulated depreciation.
assets to equity ratio (financial leverage ratio) – total assets / total stockholder's equity
Planning, recording, analyzing, and interpreting financial informaation – Accounting
revenue recognition – the GAAP principle that revenue is recorded on the date it is earned even if cash has not been recieved
notes – valuing noncurrent receivables and payables that carry no stated interest rate or a lower than market interest rate

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