Accounting 100

double-entry system – the method require both debit and credit for the transaction
Faithful representation – Agreement between a measure and the phenomenon it purports to represent.
creditor – someone to whom a company or person has a debt
Profit – The income that succeeds exspeses
broker – the person who can order stocks to be bought or sold
Debt to Owners' Equity Ratio – liabilities/owners equity
Accounts payable ledger is set up to: – meet the needs of each individual business EG: casket companies, embalming fluid, outer vaults
specific identification method – actual physical-flow costing method in which particular items sold and items still in inventory are specifically costed to arrive at cost of goods sold and ending inventory
a form to correct the amount on the bank statement and cash ledger – bank reconciliation
During anabolism,
Chronological. – In accounting, to record in order of time.
**ON EXAM**
An account is a part of the financial information system and is described by all EXCEPT which one of the following? – B. An account is a source document
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An account has a debit and credit side
An account may be part of a manual or a computerized accounting system
An account has a title
Asset, Balance Sheet, Debit, Permanent – Cash
Net loss – This occurs when expenses are greater than revenue for a given accounting period.
During аnаbоlism,
Accounts payable – Liabilities
Office supplies – Current assets
Equites – Financial rights in a business's assets are called equites
Term for uncollectable account expense – Bad Debt Expense
Cash, Accounts Receivable, Inventory, Prepaid Expenses, Unearned Revenue, Account Payable, Dividends, Common Stock, Retained Earnings, Sales, Cost of Goods Sold, Advertising Expense, Auto Expense, Payroll Expense, etc. – a.

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