Accounting 610 Chapter 1

expense – A decrease in owner's equity resulting from the operation of a business.
TEST!! Credit sales, net revenue, sales returns and discounts – Know definitions and how to read sales discount
mail receipts – billing and credit sales in big businesses
Average Cost – COGS and inventory are priced on the average cost of items available during the period
interest payable – current liability, BS, credit
Single step income statement – an income statement that includes cost of goods sold as another expense and shows only one subtotal for total expenses
cargas fiscales – taxes payable
Information – communicating information about a product
cost concept – amounts initially recorded in accounting record at their cost or purchase price
Voters in a small town are considering four proposals A,B,C,D for the design of affordable housing.  The winning design was D by the Borda count method.                                                                                                                                                                                                                                                                                                                                                                             Is the majority criterion satisfied?  Why or why not?
Goodwill – Only recorded when entire business is purchased; never internally created; excess of the purchase price over the fair market value of net assets aquired
installation – производственная установка (устройство, прибор)
Stockholders Equity – Owners Interest in the Assets of a corporation
8th step of Accounting Cycle – prepare financial statements
C.I.F. – Cost, Insurance, and Freight
Vоters in а smаll tоwn аre cоnsidering four proposals A,B,C,D for the design of affordable housing.  The winning design was D by the Borda count method.                                                                                                                                                                                                                                                                                                                                                                             Is the majority criterion satisfied?  Why or why not?
Accounts Receivable – asset, increase and normal balance is debit side, decrease is credit side
Owners equity – owners current investment or claim to the assets of the company

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