Funeral Service Accounting

manual accounting system – when accounting information is processed by hand
Economic entity assumption – an assumption that requires that the activities of the entity be kept separate and distinct from the activities of its owner and all other economic entities
Take Home Pay/Net Pay. – The amount of pay after deductions (income taxes, F.I.C.A. taxes, etc.) have been subtracted.
work sheet – An accounting form used to summarize the general ledger information needed to prepare financial statements
Stockholder – owner of one or more shares of a corporation.
purchases – a temporary owner's equity account used to record the buying of merchandise for resale
Petty cash – An amount of cash kept on hand and used for making small payments.
full disclosure principle – reporting of all info that would make a difference
other long-term assets – assets held for more than one year that do not fit into the other long-term assets categories

ex. land not used and not for sale, cash value of life insurance policies

Compensation for managerial or administrative services is usually called: – Salary
Which structure of the ear “allows for the dissipation of sound waves out of the cochlea/organ of corti?
An entry on the debit side of the owners equity indicates that the account has been – Decreased
When is revenue earned? – At the time goods or services are provided to the customer, EVEN if the company is not paid at the time the goods or service is provided to the customer.
privately held corp. – a corp. that allows only a select group of people to purchase stock
Which structure оf the eаr “аllоws fоr the dissipаtion of sound waves out of the cochlea/organ of corti?
current ratio – current assets/current liabilities
this ratio is an important measure of a company's ability to pay its short-term obligations
liabilities – obligations to pay a third party for resources provided to an entity
Drawing Account – Another term for Withdrawal Account

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