Accounting Unit 2

account clerks – to record, sort,and file accounting information
MATCHING PRINCIPLE – GUIDE TO ACCOUNTING FOR EXPENSES. IDENTIFY ALL EXPENSES INCURRED DURING THE PERIOD, MEASURE THE EXPENSES, AND MATCH THEM AGAINST THE REVENUES EARNED DURING THAT SAME TIME PERIOD
closing entries – journal entries used to prepare temporary accounts for a new fiscal period
Callable Bond – May be called for early retirement at the option of the issuer.
When you recognize revenue when it is earned, and expenses when they are incurred you are operating under the – Accrual basis of accounting
restrictive endorsement – and endorsement restricting further transfer of a checks ownership
Temporary accounts – closed and brought to a zero balance at end of accounting period
income statment
and dividends
not carried to the next month
REMEBER RED
all closed to retained earnings
Debit – Left hand side of a leadger
previsión para vacaciones – provision for vacation
Identified the muscle marked with an “X”:    
The entry to close Management Fee Revenue would be:
A) Retained Earnings
Management Fee Revenue

B) Management Fee Revenue does not need to be closed out

C) Management Fee Revenue
Retained Earnings

D) Management Fee Revenue
Service Revenue – C) Management Fee Revenue
Retained Earnings

journalist – One who writes for newspaper or magazines or prepares news for broadcast on radio or television.
Identified the muscle mаrked with аn “X”:    
Stated Rate – Is the rate of cash interest per period stated in the bond contract.

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