Intro To Accounting 20653 Exam 4 Laurie Wood Tcu

Liquidity – The ability of a business to satisfy short-term obligations
Days payable outstanding – 365/(COGS/Accounts Payable) or 365/(Purchases/Accounts Payable)
recovering a bad debt – debit accounts receivable, credit bad debt expense; debit cash, credit accounts receivable.
generally accepted accounting principles (GAAP) – Generally accepted guidelines for the preparation of financial statements.
materials requisition – releases materials for use in manufacturing when materials requisition is received
credit – An amount recorded on the RIGHT SIDE of a T-account
Identify the structure labeled #34
Seperation of accounting records of a company from the records of the company's owner or owners – Entity Concept
Cash – Cash on hand and cash equivalents
business cycle – Konjunkturzyklus
List price – the retail price listed in a catalog or on an internet site
Identify the structure lаbeled #34
Interest – Money paid for the use of money

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