Accounting Quiz 3 Laurie Wood

cash flow from investing activities – include those related to the acquisition or sale of the company;s plant and equipment investments
Classified balance sheet – A balance sheet that contains standard classifications or sections.
Partnership – -two or more owners
-spreads the workload
-UNLIMITED LIABILITY
Owner's Equity – The owner's investment in the business (this can be include cash or other assets such as machinery or vehicles that the owner has contributed to the business); the business owes the owner's equity to the owner if the business if the business ceases to exist.
Depreciation expense – that portion of the original cost of a fixed asset that is assigned as an expense to the reporting period expected to benefit from its use.
Liability – Debts or obligations of the BUSINESS that can with cash, goods or services.

Examples; Accounts Payable, Notes Payable.

Par Value – Is another name for bond principal, or the maturity of a bond.
Step 2 – Step of Closing Process: Close expense accounts and cost of goods sold accounts with debit balances to Income Summary.
SECTION 7: The present tense–question 11 Reminder about instructions: complete each sentence by giving the correct conjugated present-tense form of the verb supplied for you in parentheses. Important hints: You may not leave any verb in infinitive for any answer–all answers must have a conjugated form of the verb provided. The only tense that should be used for answers in this section is the present tense. Answers in any other tense will receive no credit. If for any answer you conjugate any verb other than the one given in parentheses, you will receive no credit for that response. Special letters, should you need them:   á   é   í   ó   ú   ñ Nosotras [l1] (compartir) la casa con dos chicas españolas.
Control over Cash Receipts /Cash sales – use cash register tape, cash counted by someone other than the person who collected it, always have 2 people present when cash is collected and counted
Profitability Ratios – Measure the income or operating success of a company for a given period of time
blank endorsement – an endorsement consisting only of the endorser's signature
What accounts are extended to the income statement ? – Expense accounts and revenue accounts
Debit purchases; credit accounts receivable – If a funeral director purchases caskets from a casket manufacturer on a 30 day account, he would record the transaction as follows
SECTION 7: The present tense–questiоn 11 Reminder аbоut instructiоns: complete eаch sentence by giving the correct conjugаted present-tense form of the verb supplied for you in parentheses. Important hints: You may not leave any verb in infinitive for any answer–all answers must have a conjugated form of the verb provided. The only tense that should be used for answers in this section is the present tense. Answers in any other tense will receive no credit. If for any answer you conjugate any verb other than the one given in parentheses, you will receive no credit for that response. Special letters, should you need them:   á   é   í   ó   ú   ñ Nosotras [l1] (compartir) la casa con dos chicas españolas.
F.U.T.A – Federal Umemployment Tax Act
Accounting – Planning,recording,analyzing,and interpreting financial information
Order of asset section – current > long-term > plant > intangible

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