Accounting Chapter 10 Vocabulary

dividends – payments of cash from a corporation to its stockholders
the principles of right and wrong that guide and individual in making decisions – ethics
Account Form – Assets on the left side and Liabilities and owner's equity on the right.
Adjustments – Changes recorded on a work sheet to update general ledger accounts at the end of a fiscal period
Asset – An economic resource that is objectively measurable, results from a prior transaction, and will provide future economic benefit
postdated check – A check that has a future date instead of the actual date; it should not be deposited until the date on the check.
Accounts receivable – Part that gets paid later
second half year – zweites Halbjahr
Prepaid insurance – This is a type of short term asset used to keep track of cash paid for insurance coverage that has not been expensed.
Refer to Figure 11-2. Diminishing returns to labor set in
the fraud triangle – -pressure
-rationalization
-opportunity
debit balance – when debits > credits
Assets – These items are economic resources of a business
Non-Current Asset – (Long-Term Asset)
an asset that is expected to be converted to cash, sold, or consumed after the next 12 months, or after the business's normal operating cycle if longer than a year
Refer tо Figure 11-2. Diminishing returns tо lаbоr set in
allowance for bad debts – current contra asset

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