Accounting Chapter 2

bookkeepers – supervise the work of account clerks
History cost – All transactions are recorded at net cash exchange value
Assets – Company owns or controls and are expected to yield future
Liabilities – Something owed to another business entity (creditors claims on assets
unadjusted trial balance – a list of accounts prepared before adjustments are recorded
In your own words be able to explain: – 14.
IVA responsable inscripto – V A T registered tax payer
Note Payable. – A written promise to pay a creditor a certain amount in the future.
internal decision makers – managers, they need information about companies business activities to manage operating, investing, and financing activities of the firm
What is the difference between cost of plant assets and accumulated depreciation to date – Book Value
9. Because group goals are put above group members' own interests in work situations, there tends to be less social loafing in 
Stockholder – the holder or person owning stock in a corporation is the
Cash Payments Journal – Used to record paying cash for an item; used to record the paying of cash
ledger – a group of accounts that records data from business transcations
Gross Profit Percentage. – Gross profit divided by net sales.
Expenses are decreases in retained earnings that result from operations. – True
False – T or F: The accounting equation does not have to be in balance to be correct.
Entry – Information for each transaction recorded in a journal
9. Becаuse grоup gоаls аre put abоve group members' own interests in work situations, there tends to be less social loafing in 
Every time you receive a loan – Financing

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