Ch 4 Completing The Accounting Cycle

expenses – the dollar amount of resources the entity used to earn revenues during the period
Statement of cash flows – A financial statement that lists cash inflows (receipts) and cash outflows (payments) during a period; arranged by operating, investing, and financing
Cost of goods sold and operating expenses – What two types of expenses do merchandisers have?
Capital – investment in a business by the owner, such as money and vehicles
Posting – Transferring from a journal to a ledger
90000 – If sales revenues are $400,000, cost of goods sold is $310,000, and operating expenses are $60,000, the gross profit is:
credits – strona kredytowa (ma)
Opportunity Costs – the potential benefit foregone when one decision alternative comes before the other.
materiality constraint – An item is material when its size makes it likely to influence the decision of an investor or creditor.
Which of the following structures would NOT be seen in a prokaryotic cell?
False – When a company receives cash from a customer for a prior sale the transaction increases the cash account balance and increases the accounts receivable balance
Accounts Receivable Turnover – Net Sales / Average Accounts Receivable
Accounts payable – Amount owned to suppliers arising from the sale of a good and service on credit
Temporary Accounts – accounts used to accumulate information until it is transferred to the owner's capital account
Common Stock – Corporation's basic ownership share; also generically called capital stock.
The principles of right and wrong that guide an individual in making decisions – Ethics
Which оf the fоllоwing structures would NOT be seen in а prokаryotic cell?
Chart of accounts – A list of the titles of all accounts in the ledger, together with an appropriate numbering system for the accounts
Purpose of adjusting entries – Make sure everything is recorded and matched
Banker's Method/360 Day Method. – A method of computing interest based on the assumption that there are 360 days in a year.

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