Accounting Chapter 1

equipment – office equipment, furniture, fixtures, etc. (CNC mills, tools, chairs)
cash payments journal- – a special journal used to record only cash (check) payment transactions
income statement – a summary of the revenue and expenses for a specific period of time, such as month or a year.
income statement – temporary and closed
adjustments – Changes recorded on a work sheet to update general ledger accounts at the end of a fiscal period.
Current Maturities – the portion of long term debt or long term notes payable that must be repaid within one year
Adjusting Entries – Journal Entries recorded to update general ledger accounts at the end of a fiscal period.
In “Dulce et Decorum Est” by Wilfred Owen, what does the soldier get caught in?
Current Liabilities – Accounts payable and other debts a business must pay within one year.
Accounts receivable – the total amount of money to be received in the future for good or services sold on credit.
Financial Accounting Standards Board – A private organization that establishes general accepted accounting principles in the United States (GAAP)
operating expenses – total expenses directly related to operations
a change fund – أموال الفكّه ( أموال صرافه )
In “Dulce et Decоrum Est” by Wilfred Owen, whаt dоes the sоldier get cаught in?
Posting – The process of transferring information from the journal to the ledger

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