Principals Of Accounting Chapter 10 Vocabulary

Non taxable – Club dues when the advantage is to the employer
accounting equation – assets=liabilities+owners equity
Financial Accounting Foundation (FAF) – people from the public accounting profession business, and the public that is responsible for the funding of and appointing members of financial accounting standards board
Mark- up – determining selling prices by adding to the cost price a determined profit margin
investment income – Such as from a rental property, dividends from shares that are owned or money deposited in the bank
Balance Day – The last day of the accounting period, e.g. 31. 03. 2013
permanent accounts – Accounts used to accumulate information from one fiscal period to the next
DEALOR – Dividends, expenses, assets
Liabilities, owner's equity, revenues
serial bonds – mature at different dates
Which of the following statements most accurately describes the health care workforce in Cuba? There is a/an:
Operating Expenses – Expenses, other than Cost of Goods Sold, that are incurred in the entity's major line of business.
why bonds are issued – *raise a larger sum of money
* bond interest is deductible from taxes
*bond interest expense reduces net income
Which оf the fоllоwing stаtements most аccurаtely describes the health care workforce in Cuba? There is a/an:
Sale on account – Sale for which cash will be received at a later date
Sales Tax Payable – A liability account credited for the sales tax charged.
merchandise purchases are: – expenses (debited) and have a negative effect on Owner's equity

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