Financial Accounting Ch 8

imaged checks – copies of the original checks
Business Entity Assumption (one of the accounting assumptions) – that a business is accounted for separately from other business entiteis, including its owner. (can be taken in purposes of accounting one of three forms sole proprietorship, partnership, coorporation)
liabilities – amounts owed to creditors in the form of debts and other obligations
Balance Sheet – Describes a company's financial position (types and amounts of assets, liabilities, and equity) at a point in time.
Deposits in transit – deposits that have been made and added to depositor's checkbook, but have not yet been listed on the bank statement.
Shareholders Equity Equation – Total investment in the stock of the company +/- any profits/losses- dividend payments.
What Type of Tissue is this?
First-in, first-out (FIFO) method – An inventory costing method that assumes that the earliest goods purchased are the first to be sold.
Total Asset Ratio – Comparison of total assets with total
post-closing trial balance – A trial balance prepared after the closing entries are posted
Двойная бухгалтерия – Double-entry bookkeeping
Asset, Balance Sheet, Debit, Permanent – Notes Receivable
Whаt Type оf Tissue is this?
Prepaid Insurance – Insurance Paid In Advance
Asset
Balance Sheet
Debit
cash flow – cash coming in and cash going out of a business

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