Uil Accounting

credit – Wrote a check:________ cash
Operating lease – Like a rental
False – When cash is paid for expenses the business has more equity
DEBIT Cash and Sales Discounts, CREDIT Accounts Receivable – To record cash received from another company for the balance due of merchandise sold with discount.
Source Document – Business paper from which information is obtained for a journal entry
when paying cash for merchandise, accounts payable is: – neither
manual accounting system – accounting information processed by hand such as Quickbook and Peachtree
Merchandise – Goods that a merchandising business purchases to sell
stated rate > market rate – premium, CV decreases
_____ is about placing a company or a brand in the mind of the consumer in relation to the competition.
The matching principle provides the investor with more useful information on – the income statement
Generally Accepted Accounting Principles. The standards and rules that accountants follow while recording and reporting financial activities – GAAP
GAAP – the standards and rules accountants follow while recording and reporting financial activities are commonly referred to as generally accepted accounting principles
Unrealised gain – A gain yet to be realised from a transaction
_____ is аbоut plаcing а cоmpany оr a brand in the mind of the consumer in relation to the competition.
patent – intangible asset, BS, debit
dishonored check – A check that the bank refuses to pay.
International Accounting Standards Board (IASB) – Group that identifies preferred accounting practices and encourages global acceptance issues International Financial Reporting Standards (IFRS)
Fixed Costs – Total cost does not change because volume changes (within relevant range); The cost per unit does change as volume (number of units) changes; Ex: Salaries, P/R taxes on salary, insurance, rent, property taxes, depreciation;

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