Principals Of Accounting Chapter 10 Vocabulary

Possession – allowing consumers to take legal ownership of a product
Intangible asset – Goodwill is classified as a/an
Lookback Period – Four-quarter period that ends on June 30th of the preceding year.
Acid ratio – Measures liquidity of a company -> a company's ability to pay its debt, creditors, & other short term obligations
Sales resulting from the use of Visa and MasterCard credit cards are considered
A. cash sales.
B. credit sales.
C. credit card sales.
D. card sales. – A
Accounting – Communicate information to users so they can make an informed decision
A ________ firewall or gateway is a device that attempts to bundle multiple security functions into a single physical or logical device.
current assets are ordered by – liquidity
Asset – items of value owned by a business or person
A ________ firewаll оr gаtewаy is a device that attempts tо bundle multiple security functiоns into a single physical or logical device.
capital account – an account used to summarize the owner's equity in a business

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