Uil Accounting

Drawee – A person or concern, usually a bank, that has been ordered to make payment on a check or draft is called the
transposition – accidental rearrangement of digits
4 financial statements and what they do – The income statement shows revenues and expenses.

The statement of retained earnings shows the change in the retained earnings account during the current period.

The balance sheet is a listing of all asset, liability, and equity account balances.

The statement of cash flows shows where the company obtained its cash and how it spent its cash.

accounts receivable – amounts owed to the business by customers who purchased on credit
Expenses are: – Decreases in retained earnings resulting from operations
Participatory Expenditure Tracking (PETS) – This is a tool for tracking how public resources are actually used by following the money through the budget distribution process to the final place where it is spent. It is a powerful tool for discovering mistakes and irregularities in the way public money is spent and can also be used to show whether budgets are sufficient to begin with.
Property-Plant-Equipment – Long-term Asset
Creditor – a person or business that has a claim to the assets of a business; a person or business to which money is owed.
Bank overdraft – Bussiness out of money uses banks money
A 60-day note receivable dated April 13 has a maturity date of
A. June 13.
B. June 12.
C. June 11.
D. June 10. – B
After a neuron is depolarized, its voltage is positive.
3 types of busniess – Service, merchandise, manufacturing
depreciation – értékcsökkenés
supplier – retains ownership on a shipment until the goods are sold
Correcting Entry – an entry that corrects a mistake
After а neurоn is depоlаrized, its vоltаge is positive.
EBIT – -income statement
Operating profit(operating income) – non-recurring items
Batching Out – The process of preparing a batch report of credit card sales from a point-of-sale terminal.

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