Leaving Cert Accounting Ratios

Finish good inventory – consists of completed or finished product that have not been sold.
working capital – kapitaƂ obrotowy
credit – an agreement to pay for a purchase at the later time; an entry on the right side of an account
debit office supplies and credit accounts payable – purchase of office supplies on credit is recorded by
Boci csoki *accounts for* 20% of Szerencsi's sales – a Szerencsi eladásainak 20%-át teszi ki a Boci csoki
Stockholders equity – The residual ownership interest in the assets of a business after subtracting liabilities (ex. Common Stock & Retained Earnings)
DEBIT Inventory and CREDIT Cost of Goods Sold – To record cost of merchandise returned.
credit, debit column – Haben-, Sollspalte
A[n] ______ is a judgment in favor of the plaintiff that occurs when the defendant fails to answer the complaint, and the plaintiff's complaint alleges facts that would support such a judgment.
ICLICKER Not part of the 6 step process – Making payments on all amounts owrd
partnership – two or more people in a business
charge sale – whenever a purchase is made and its not paid for in full at time of purchase
Seller (account receivable) Buyer (account payable)
A[n] ______ is а judgment in fаvоr оf the plаintiff that оccurs when the defendant fails to answer the complaint, and the plaintiff's complaint alleges facts that would support such a judgment.
Balance column account – Account with debit and credit columns for recording entries and another column for showing the balance of the account after each entry. (p.80)
Going Concern Concept – Financial reports are prepared on the assumption that the life of a business is expected to continue into the foreseeable future.
payroll – the total amount earned by all employees for a pay period

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