Accounting 610 Chapter 1

An adjustment for which the business paid or received cash in advance is: – a deferral
greengrocer – one who sells fresh vegetables and fruit
Proprietorship – A business owned by one person is called Proproetorship
Accounting Cycle – Analyze, Adjust, Prepare, Close
Statement of Stockholders' Equity Statement of Shareholders' Equity) – what is the other names for the statement of retained earnings
Upon receipt of returned merchandise, the supplier usually issues a document confirming the amount of credit allowed that is know as a/an: – Credit memorandum or Credit memo
______ can be quite expensive, requiring a specially designed room with multiple cameras and high-definition video screens.
american institute CPA (AICPA) – the professional organization for certified public accounting
no-par value stock – common stock that has not been assigned a par value
______ cаn be quite expensive, requiring а speciаlly designed rооm with multiple cameras and high-definitiоn video screens.
Governmental Accounting Standards Board (GASB) – a separate but related body to the FASB, issues accounting standards for stat and local governments
Number of… – Make a profit of… x fixed cost) / Co. can sell by..
In a perpetual inventory system, a return of defective merchandise by a purchaser is recorded by crediting
A. Purchases
B. Purchase Returns
C. Purchase Allowance
D. Inventory – D
Normal Balance – whichever side of the T-Account leads to an increase
expenses (decrease/increase) equity – decrease

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