Accounting Terms Chapter 912

BALANCE SHEET – which financial statement is COMMON STOCK usually found
markup – The amount added to the cost of merchandise to establish the selling price.
Utilities expense – debit balance, income statement, temporary, expense
Classified balance sheet – A balance sheet that contains standard classifications or sections.
securities and exchange commission (SEC) – the federal agency with ultimate authority to determine the rules for preparing statements for companies whose stock is sold to the public
Purchase Invoice – An invoice used as a source document for recording a purchase on account transaction.
Dropping a Product Line – Compare the fixed costs that can be avoided to the contribution margin that will be lost if the product line is dropped
non current or long -term liabilities – liabilities that will take longer than a year to settle
Rate – the annual percentage rate used to compute interest.
The organs which perform most all of the photosynthesis in plants are the _______.
electricity costs – Stromkosten
Subsidiary Ledger – A ledger dedicated to accounts of a single type and showing details to support a general ledger account.
Balance sheet comparative forms – Record the balance sheet data for two or more comparable periods on the same form so that the information can be readily compared
Expenses – Equity
Present or future payments of cash that are incurred to help the company earn revenue
Depreciation expenses should match what? – Revenues
The оrgаns which perfоrm mоst аll of the photosynthesis in plаnts are the _______.
GAAP – Generally Accepted Accounting Principles – specify acceptable practices
Receipts – income received from the sale of goods and/or services; also, slips of paper documenting a purchase
Period costs – Not product cost (ie S&A expenses, commission, advertising, executive salaries) ALWAYS treated as an expense
Permanent Account – Accounts that carry over from 1 accounting period to the next.
Asset Liability and Capital (Balance sheet and SE accounts)

This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply