Accounting: Chapter 6 Vocab

external users uses ____ accounting and internal users use ________ accouting. – financial; managerial
Decreased – An entry on the debit side of the owners equity indicates that the account has been
entry – Information for each transaction recorded in a journal.
Break even revenue – Fixed costs/ Contribution Margin Ratio
withdrawl – assets taken out of a business for the owners personal use
Accum. Depreciation- Equipment – Property plant etc
A fund of currency and coin established for the payment of small amounts of money is – Petty cash
Of the following values, which indicates the most basic pH?
Correcting Entry – A journal entry made to correct an error in a previous journal entry.
Gross Profit Percentage – Gross Profit/Net Sales
the auditor may issue a _____, ______, or ______ opinion, if it is not possible to issue a clean opinion – disclaimer
adverse
qualified
Cash flow process – 1) Cash on hand at the beginning of the period
2) Cash received during the period
3) Cash spent during the period
4) Cash on hand at the end of the period
Unearned revenue – Liability created when customers pay in advance of products or services to be provided later; earned when the products or services are later delivered.
Sell at Split-off or Process Further – Management must decide if more profitable to incur and process products further in order to make a different product that can be sold for a higher price
Of the fоllоwing vаlues, which indicаtes the mоst bаsic pH?
activity analysis – measures how efficiently a firm is utilizing its assets
Stockholders and shareholders equity – is divided in common stock and retained earnings
quick assets – cash, marketable securites,a ccounts,a nd notes receivable

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