Introduction To Accounting Final Financial Multiple Choice

[Journal Entry to record periodic interest payments] – Interest Expense [debit to an Expense Account on Income Statement] Premium on B/P [debit to amortize Liability Account on Balance Sheet]

Cash [credit to an Asset Account on Balance Sheet]

Cash Budget purpose – °To show where money has come from and how it has been spent over a period of time
°To make decisions about future cash flow (eg. should the business buy new equipment/borrow money)
period costs – consists of selling and administrative expense.
Accrual Accounting – Records rev and related expenses in the same accounting period that it provides the g/s, regardless if it receives or pays cash in that time period.
Capital – Account used to summarize the owner's equity in a business
Continuous existence – the ownership of the business can be transferred to another person.
Which of the following organs is not part of the cardiovascular system?
Normal Balance – whichever side of the T-Account leads to an increase
Creditor/ supplier – Assessing probability of collection and the risk of late (or non-) payment
Which оf the fоllоwing orgаns is not pаrt of the cаrdiovascular system?
Account – A separate record used to summarize changes in each asset, liability, and owner's equity of a business.
proprietorship – business owned by a person
Going concern – Is that the company will continue to exist for the foreseeable future

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