Accounting Chapter 9 Vocabulary

Financial accounting – The process that cumulates in preparation of financial reports on the enterprise for the use by both internal and external parties.

Users of these financial reports include investors, predators, managers, unions, and government agencies.

Investment – Assets used in the business that were provided by the owner
Sales discounts and allowances – Income statement
sales revenue
Less: sales
service business – a business that performs an activity for a fee
employee earnings record – a business form used to record details affection payments made to an employee
Which of the following pronouncements were issued by the Accounting Principles Board?

A. Statements of Financial Accounting Concepts

B. Accounting Research Bulletins

C. Opinions

D. Statements of Position – C. Opinions

A company may use job costing to assign costs to different product lines and then use process costing to calculate unit costs within each product line. – True
accounting record – Organized summaries of a business's financial activites
account – a record summarizing all the information pertaining to a single item in the accounting equations.
Trade surpluses are created when more money enters a country than leaves a country through the capital account (through assets sales/purchases and investment). 
Costs that are difficult to change over the short run are always variable over the long run. – True
"Moment in Time" – Liabilities
When the biz buys a significant amount of supplies on credit, owner's or stockholder's equity __ – No effect
Trаde surpluses аre creаted when mоre mоney enters a cоuntry than leaves a country through the capital account (through assets sales/purchases and investment). 
chef – a head cook in a hotel, restaurant, etc.
In a condensed income statement, net sales are always _____ – 100%
Interest Revenue – Credit balance, income statement, temporary, revenues

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