College Accounting Chapters 14

Withdrawal – Assets taken from the business for the owner's personal use.
9. Which statement below best describes the accounting equation?
A. The change in retained earnings equals net income less dividends.
B. Equality of revenue and expense transactions over time.
C. Resources of the company equal creditors' and owners' claims to those resources.
D. Financing activities equal investing and operating activities. – C. Resources of the company equal creditors' and owners' claims to those resources.
MATCHING PRINCIPLE – Intangible assets are capitalized and amortized over periods benefited.
T account – accounting device used to analyze transactions
generally accepted accounting principles (GAAP) – the various methods, rules, practices, and other procedures that have evolved over time in response to the need to regulate the preparation of financial statements
Ethics – are beliefs that distinguish right from wrong.
reternal ratio – befektetési ráta
closing entries – journal entries used to prepare temporary for a new fiscal period
Cancelled check – a check which has been paid by the bank and returned to the drawer for recordkeeping.
The study of how the body functions is called __________.
Inventory – the merchandise that a business keeps on hand for sale is the
processing – recognizing the effects of transaction on the asset, liabilities, o/e, revenue, and expenses of a business
SEC – ( Securities and Exchange Commission) rules for organizations to sell ownership shares to public
Assignment of responsibility – Establish tasks, make one person responsible for each specific task
Revenue – income earned from the sale of goods and services.
electronic funds transfer – a computerized cash payments system that tranfers funds without the use of checks, currency, or other paper documents
The study оf hоw the bоdy functions is cаlled __________.
31.Siphoning – is to draw off or transfer money over a period of time especially illegally.
fiscal year – an accounting period of 12 months

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