Horngren’s Accounting Chapter 2 Vocabulary

Club Managers Association of America (CMAA) – A trade association whose members are mostly club managers in the United States.
Disclosure – after balance sheet date – If necessary so that financial statements not misleading
traceable FC – manager salary, maintenance for building, insurance
adjusting entries – record events that have occurred but that we have not yet recorded. update to proper balance.
The excess of current assets over current liabilitis is called: – Net income/profit
File Maintenance – Procedure that includes keeping records current
useful life of plant – the length of time is productively used in a company's operations
Components for a decision gate design does NOT include specific:
purchases return – Credit allowed for the purchase price of returned merchandise, resulting in a decrease in the customer's accounts payable.
financial reports – documents that present summerized information about the financial status of a business
Regardless of what borrowed, customary to repay obligation in – Cash
Current asset – An asset satisfying any of the following (1) expected to be realised in the operating cycle (2) expected to be realised in within 12 months (3) cash or cash-equivalent
Cоmpоnents fоr а decision gаte design does NOT include specific:
what is transaction analysis defined as – the process used to analyze transactions and events

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