Accounting I Chapters 1 Thru 9 Century 21 Accounting

accounting period concept – concept that income determination can be made on a periodic basis
Conservative – lower income and assets
higher liabilities
Matching expense of revenue – Revenue and expense should be recorded in same fiscal period
Partnership – A business run by 2-20 people with a common view to profit
Revenue decreases with – Debit
Expenses – Outflows or other using up of assets or incurrences of liabilities (or a combination of both) during a period from delivering or producing goods, rendering services, or carrying out other activities that constitute the entity's ongoing major or central operations.
Cash Budget – Shows the expected CR and CP for the coming month. Also shows the change in the bank balance and the expected closing balance.
Familiarity with department personnel (Accounting Supervisor & Business Administration upper management) – • Controller
• Jane Ashcroft- Assistant Controller
• Julia Graumon- Accounting Supervisor
• Brian Devlin- Accounting Supervisor
• Cory Sparks- Accounting Supervisor
How is ending inventory determined?
The long-range plan established the major activities that will have to be carried out over the next _______ to ______ years to achieve the organizations goals. – 3 to 5
Blank Endorsement – An endorsement consisting only of the endorser's signature
Asset, Balance Sheet, Debit, Permanent – Accounts
Hоw is ending inventоry determined?
Corporation – An organization with the legal rights of a person and which many persons may own.

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