Accounting Chapter 2

Balance Sheet – A financial statement that summarizes a company's assets, liabilities and shareholders' equity at a specific point in time.
Purchase order – a written order by a buyer for merchandise or other property specified in the purchase requisition.
Debit – An amount recorded on the left side of a T-account
temporary accounts – Accounts used to accumulate information until it is transferred to the owner's capital account
voucher – قسيمة ، إيصال ، وَصْل إثبات
Non-Current Assets – things that are not reduce to cash in one year.
4 Inventory Valuation Methods used to calculate Ending Inventory – 1.) Specific Identification (individually significant items)
2.) First-In, First-Out (FIFO)
3.) Last-In, First-Out (LIFO)
4.) Average Cost (weighted average cost x ending # of units)
code of conduct – a statement that guides the ethical behavior of a company and its employees
A trademark is – a word, slogan, or symbol that distinctively identifies a company, product, or service.
The walls of capillaries are made of
Decreased – An entry on the debit side of the owners equity indicates that the account has been
horizontal analysis – amount of item on current financial statement compared w/ same item on other statement
long-term investments – generally, (1) investments in stocks and bonds of other corporations that companies hold for more than one year; (2) long-term assets, such as land and buildings, not currently being used in the company's operations; and (3) long-term notes receivable
Question 35 The working capital reported by XYZ Company at June 30 is equal to: – Subtract current liabilities from current assets
withdrawals – Assets taken from, the business for the owners personal own
undepreciated cost – book value
The wаlls оf cаpillаries are made оf
going concern assumption – this assumption states that a company will continue operations for the foreseeable future
The focus of ABC systems is on:
a. long-term decisions
b. short-term decisions
c. make-or-buy decisions
d. special-pricing decisions – a. long-term decisions
Property – anything of value that is owned or controlled by an individual or business.
invoice – A form describing the goods or services sold, the quantity, and the price
stock dividends – additional share of company's ow stock given to stockholders

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