Financial Accounting: Ch 3 Adjusting The Accounts

consistency – the quality of accounting information that allows a user to compare two or more accounting periods for a single company
Statement of changes in stockholders' equity – explains the effects of transactions on stockholders' equity during the accounting period
Trial Balance – A work paper proving the equality of the debit and credit balances in the ledger.
Accounting entity – Is the organization for with financial data are to be collected.
t account – a skeleton verson of a stadard account used for demonstrating purposes
Indirect Cost – Cannot be easily and conveniently traced to one product; These costs are incurred to support the manufacturing of ALL products; Manufacturing overhead and most period costs are indirect costs.
Market Capitalization – =share price*shares outstanding
Medicare tax payable – Liabilities
Accounting Cycle Step 2 – Accounting Cycle: Step to journalize the transactions. Record the effects of the transactions in a journal.
Service – An intangible product that one pays for
A ____ is a snapshot of the current state of the computer that contains all current settings and data.
Creditors control – Total bussiness owes to to creditors
Income statement – Another term for profit & loss statement is
net loss – difference between total revenue and expenses when total expenses is greater
BALANCE SHEET – which financial statement is SHORT-TERM INVESTMENTS usually found
transaction – a business activity that changes assets, liability, or owners equity
A ____ is а snаpshоt оf the current stаte оf the computer that contains all current settings and data.
increases to sales affect on owner's equity, is that owner's equity is: – increased

This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply