Accounting General Journal, 9e: Chapter 01

Times Interest Earned Ratio – Net income + Interest Expense + Tax Expense/ Interest Expense
Commercial paper – Company borrows from another company rather than the bank
Current Ratio – Current Assets/Current Liabilities
credit – liability, revenue, equity, and common stock, (CLR)
Land – which of these does not qualify as a current asset?
Type of entry that would indicate cash short – debit
49. Nina Corp. had the following net income (loss) the first three years of operation: $7,100, ($1,600), and $3,600. If the Retained Earnings balance at the end of year three is $1,100, what was the total amount of dividends paid over these three years?
A. $500.
B. $0.
C. $9,100.
D. $8,000. – D. $8,000.
Electronic funds transfer – A computarized cash payments system that uses electronic impulses to transfer funds
Absurdism as a theatrical style
Financial accounting – The historical results of an entities performance
Period Costs Consist of: – Costs not related with making the product; incurred at corporate HQ, related to acquiring the product, supporting customers, warehouse, shipping etc.
Account title – The name given to an
Absurdism аs а theаtrical style
Liabilities – Debts of the company. Include ; notes , assets payable , salaries payable , all other "PAYABLES" & unearned service revenue
verifiable – info that is proven to be free from error
Are the company's operations profitable? – Income statement
Sales Return – Credit allowed a customer for the sales price of returned merchandise, resulting in a decrease in the vendor's accounts receivable.
Balance sheet – Financial statement that lists types and dollar amounts of assets, liabilities, and equity at a specific date. (p.29)

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