Accounting Chapter 4 Vocabulary

As an asset is used, – Accumulated depreciation increases and the book value of the asset decreases
Statement of receipts and payments – For the month ending …
all revenue accounts have a – credit balance
double declining balance Method – straight line rate= 100%+ useful life. double declining rate= 2 x straight line rate. depreciation expense= double declining balance rate x beginning period book value
Adjusting: Bad debt expense (debit) – Allowance for doubtful accounts (credit) *decreases net income and SE
fecha de vencimiento para el ingreso del impuesto – tax payment deadline
management discussion and analysis – section of the annual report that presents management's views on the company's ability to pay near-term obligations, its ability to fund operations and expansion, and its results of operations
Which of the following was established by a constitutional amendment?
Budgeted DLH – =Production volume (in units) x DLH needed for each unit
Specific Identification Method – Identifies the cost of each item in ending inventory. Rarely used because it is impractical.
Debit card – a bank card that, when making purchases, automatically deducts the amount of the purchase from the checking account of the cardholder
reserva legal – legal or statutory reserve
Loss – Excess of expense over revenue
debit – An amount recorded on the LEFT SIDE of a T-account
Which оf the fоllоwing wаs estаblished by а constitutional amendment?
income statement – A report on the profitability of operations, including revenues earned and expenses incurred in generating the revenues for the period of time covered by the statement
Increased – An entry made on the debit side of an asset account indicates that the account has been
Financial reports that summarize the financial condition and operations of a business – Financial statements
Об-ва по выплате пенсионных пособий – Retirement benefits liabilities
income/revenue – an inflow of assets as a result of selling a product or providing a service

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