Account

Contra Account – deducted from the related asset account on balance sheet
Question 34 – Subtract Expenses from revenues totaled.
cash payments journal- – a special journal used to rcord only cash (check) payment transactions
Adjustments for non cash effects – Depreciation, Gain or Loss of land
Preferred Stock – Separate class of stocks, typically having priority over common shares in dividends distributions and distribution of assets in case of liquidations
Three liquidity tests are: – working capital, current ratio, acid-test ratio
Posting – The transferal of data from the journal to the ledger, copying the debits and credits from the journal to the ledger accounts
owner's equity – the amount remaining after the value of all liabilities is subtracted from the value of its assests.
One major obstacle to using Virtual Reality technology is that not enough ____ are currently available to carry out the data transmissions needed for a virtual reality environment.
Net sales – Sales less sales returns and allowances and less sales discounts.
Generally Accepted Accounting Principles – GAAP
Reserve – • Is a cost (comp and collision)
• Is an account that fixes vehicles with DW
• If no damage then reserve # goes down because it is a cost so reward you with paying less
o It is $ to pay for damage when customer buys DW
• ((12 month rolling average) + (10%)) / (units in fleet)
o Why 10%?
• Acts as a buffer- we are being proactive
Budget – a formal written statement, which may be based upon adjusted historical data, of management's plans for the future expressed in financial terms.
FAITHFUL REPRESENTATION PRINCIPLE – PRINCIPLE THAT ASSERTS ACCOUNTING INFORMATION IS BASED ONT HE FACT THAT THE DATA FAITHFULLY REPRESENTS THE MEASUREMENT OR DESCRIPTION OF THAT DATA. FAITHFULLY REPRESENTED DATA ARE COMPLETE, NEUTRAL, AND FREE FROM MATERIAL ERROR.
Double-entry system – a system that records in appropriate accounts the dual effete of each transaction
One mаjоr оbstаcle tо using Virtuаl Reality technology is that not enough ____ are currently available to carry out the data transmissions needed for a virtual reality environment.
deferred tax asset – a prepayment of some amount of tax on an amount that has not yet been reported as income on the income statement
capital stock – The portion of a corporation's stockholders' equity contributed by investors (owners) in exchange for shares of stock.
Dividends – Distributions (usually cash) by a corporation to its stockholders.
Operating Activities – relate to things found on the income statement; rent, inventory, interest, income taxes

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