College Accounting Chapters 14

Mortgage payable – A written promise that pledges real property as security for the payment of a debt
accounting – information system that measures business activities, process the information into reports, and communicates the results to decision makers
Trial balance – A list of all ledger accounts with their balances at a point in time.
Salary Expense – Normal Balance: Debit
Type of Account: Expense
Financial Statement: IS
What are the steps to correct an amount posted to the wrong column? – 1. Draw a line through the incorrect item in the account.
2. Record the posting them out.
3. Re calculate the account balance, and correct the worksheet.
external audit – внешний аудит
Administrative costs – All executive, organizational, and clerical costs associated with the general management of an organization rather than with manufacturing or selling (p26)
Which of the following items would NOT appear in an income statement? a)delivery expense; b) accounts receivable c)service revenue d)utilities expense – B) accounts receivable
Hesitancy is the sensation of needing to urinate immediately.
What type of intangible asset is an exclusive right that enables the recipient to manufacture, sell, and control an invention for a period of 20 years? – patent
paid-in capital – stockholders' investments
– common stock
-preferred stock
Conservatism – companies must reduce the value of land, if the value is lower than its original cost.
Non-Profit Business – -it covers the basic costs but ends with $0
-its goal would be to provide a service to the community
-ex. charity
NYSE – new york stock exchange
Convergence – The process of reducing the differences between U.S. GAAP and IFRS
Hesitаncy is the sensаtiоn оf needing tо urinаte immediately.
Classify different types of businesses by activities – Service business, a merchandising business and manufacturing business
Owner's equity – The amount remaining after the value of all liabilities is subtracted from the value of all assets

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