Managerial Accounting Chapter 2: Managerial Accounting And Cost Concepts

Prepaid expenses – items which are considered to be assets when acquired, but which will become expenses when consumed or expired.
Not cash and doesn't affect profit – …
T-account – An accounting device used to analyze transactions
Correcting Entry – A journal entry made to correct an erroneous entry.
gross profit less operating expenses – operating income
novelist – one who writes novels
Owners equity – The amount remaining after the value of all liabilities is subtracted from the value of assets
In a sea breeze the air blows from the _______ to the ________ because the ________ is warmer than the _________.
Generally Accepted Accounting Principles. The standards and rules that accountants follow while recording and reporting financial activities – GAAP
memorandum – a form on which a brief message is written describing a transaction
revenues – increase in retained earnings from delivering goods and services to customers or clients.
In а seа breeze the аir blоws frоm the _______ tо the ________ because the ________ is warmer than the _________.
GAAP – Generally accepted accounting principles. The standards and rules that accountants follow while recording and reporting financial activities.
The matching principle provides the investor with more useful information on – the income statement
sales tax is a – liability and recorded as sales tax payable

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