Principals Of Accounting Chapter 10 Vocabulary

Balance sheet heading – (Name of Business)
Balance Sheet
(date of end of fiscal period)
$
Defer – recognizing an expense until the resource is used to produce revenue
Date of completion – The date on which all work under an award is completed or the date on which Federal sponsorship ends.
Asset turnover – Indication of operating efficiency, the company's ability to use its assets to generate sales. How much revenue is the company getting out of each dollar of assets?
Bank statement – A report o deposits, withdrawals, and bank balances sent to a depositor by a bank
Financial accounting standards board (FASB) – A Private organisation that establishes generally accepted accounting principles in the united states (GAAP)
Creditors – Individuals or organizations entitled to receive payments
The headwater flow of a mountain stream is generally characterized as
Lack of funds – fehlende Geldmittel
Deferred Revenue – Cash received for services that will be performed later
notes payable – written promises to pay a given amt. of money on a specific future date
*issued at the request of creditors when a firm is delinquent
Segment Margin > 0 – Product line should be continued
production cost accounting – Produktionskostenrechnung
statement of financial position – balance sheet
Classified balance sheet – A balance sheet that contains standard classifications or sections.
The heаdwаter flоw оf а mоuntain stream is generally characterized as
*matching concept (or matching principle)* – A concept of accounting in which expenses are matched with the revenue generated during a period by those expenses.

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