transaction – Is an exchange of assets or services to pay between a business and one or more external parties to a business or a measurable internal event such as the use of assets in operations.
purchase order – a written order by a buyer for merchandise or other property specified in the purchase requisition
What will cause the liability acct A/P to ^? – Credit
Describe timeliness. Which characteristic is timeliness a component of? – Information is timely if there is no delay in the reporting of crucial information. Timeless is a component of relevance.
Payable – is used to refer to a liability that promises a future OUTFLOW of resources.
interim financial statements – covering a shorter time period
the cost of goods or services used to operate a business – expense
The rate determining step of a reaction is the
business ethics – The use of ethics in making business decisions.
Contra account – an account that reduces a related account on a financial statement
The rаte determining step оf а reаctiоn is the
Dishonored Check. – A check not paid by the bank when properly presented.
list the 4 financial statements used by a business organization – cash flow statement