Revenue Expenditure – Items that will benefit the firm for the current year and are classified as expenses. They are recurring costs incurred to earn revenue and will affect the current year's profit calculation. These are exported in the Income Statement.
Income statement – Shows the financial performance of an enterprise over a period of time. Can also be known as the profit and loss statement. He reports the revenues and any expenses incurred
Manufacturer – Make and sell their own product
sunk cost – a cost that has already bee incurred and that cannot be changed by any decisions made now or in the future.
Property, plant, equipment – Buildings, land, equipment
Accounting equation – Assets= Stockholders equity + Liabilities
normal balance for equity? – right
Return – Net income is often referred to as net.
ALL Expenses – …Are a Debit balance account.
Journalizing – Recording transactions in a journal.
Which of the following sentences from the passage reveal a bias against Lily?
Long-term liability – More than one year
Net Worth Statement – A formal report that shows what an individual owns, what an individual owes, and the difference between the two.
Which оf the fоllоwing sentences from the pаssаge reveаl a bias against Lily?
purchase requisition – A form to be completed by individuals within a business to request that items or services be purchased.
Petty Cash Analysis Sheet – A form used to record transactions involving petty cash.
Assets accounts – Cash, supplies and equipment
cash – Received cash for sales: debit ________