College Accounting Chapters 14

the process of recording information in the ledger – posting
What is NOT an objective of a company's internal controls – ensure that the company is using the most effective marketing plan
sistema único de asignaciones familiares – single-family allowance system
proving cash – Determining that the amount of cash agrees with the accounting records
Permanent Accounts – Accounts used to accumulate information from one fiscal period to the next
The first rule of accounting – For every debit there is a credit
balance brought forward – übertragender Saldo
T Account – Accounting device used to analyze transactions
Service Revenue (Generic) – What we earn when we do what we are in business to do (does not equal cash)
Revenues
Income Statement
Credit
expense – a decrease in owner's equity resulting from the operation of a business.
Which of the following would be considered a claim against a company?
Inventory costing methods place primary reliance on assumptions about the flow of
A. goods.
B. costs.
C. resale prices.
D. values. – B
limited liability company – Form of business organization with limited liability and has pass-through tax advantages
cash basis accoutning – system of accounting in which transactions are recorded and revenues and expenses are reconized only when cash is received
What are the 3 balance sheet accounts? – Assets, liabilities, and Owners Equity
Which оf the fоllоwing would be considered а clаim аgainst a company?
Maturity Date. – The date on which payment is due on a promissory note.
Entity – Anything having its own separate identity, such as an individual, a town, a university, or a business.

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