Principals Of Accounting Chapter 10 Vocabulary

All of the following would be classified as inventory except
A. inventory.
B. raw materials.
C. supplies.
D. work in process. – C
Post-Closing trial balance – A trial balance prepared after the closing entries are posted
monetary unit assumption – means we can express transactions in money
Depreciation/Depletion – " matching" costs of using tangible assets to the periods revenue is expected to be generated from their use.
capital – refers to the dollar amount of the owner's investment in the business.
balance sheet – total assets balances with claims on those assets
International Accounting Standards Board (IASB) – Group that identifies preferred accounting practices and encourages global acceptance; issues International Financial Reporting Standard (IFRS). (p.10)
Conflicts of financial accounting – stock options, personal ties, consultancy services, parent banks
True – When items are bought and paid for later this is referred to as buying on account
Purchase Returns and Allowances – Credit received for shortages or for damaged goods received
Which is NOT true about a postganglionic neuron?
receivables turnover – measures liquidity of receivables
Earnings Per Share – the amount of net income available to common stockholders per share of common stock outstanding
Purchase Invoice – A bill received for goods purchased.
accounting – the information system that identifies, records, and communicates the economic events of an organizations to interested users
Retained Earnings – Stockholders equity created from busniess operations through revenue and expense transactions
Payroll Taxes – Taxes based on the payroll of a business
Accounting Equation – Assets=Liabilities+Equity
Which is NOT true аbоut а pоstgаngliоnic neuron?
Budget Period – The intervals of time (usually 12 months) into which a project period is divided for budgetary and funding purposes.
Weighted-average inventory method – Using the average cost of beginning inventory plus merchandise purchased during a fiscal period to calculate the cost merchandise sold
trading – debt and equity securities bought and held primarily for sale in the near term to generate income on short-term price differences
salary – generally considered to be compensation for managerial or administrative services expressed in terms of a month or year

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