Accounting 1 Normal Balance

Days payable outstanding – 365/(COGS/Accounts Payable) or 365/(Purchases/Accounts Payable)
debit – sold services on account: __________ accounts receivable
judge – one who hears and decides cases in a court of law
Special – An endorsement used to transfer ownership of a check
Example of Cash Outflow that does not affect expenses – Example of Cash Outflow that does not affect expenses
– Cash Drawings -> increase Cash Outflow but not expenses
– GST paid/settlement, payments to creditors, loan/mortgage repayment, purchse of non-current asset
Example of Expenses that does not affect Cash Outflow
– Loss of stock ->increases expenses but not Cash Inflow
– Expense incurred but not yet paid (Accurred Expenses), discount expense.
Account payable ledger – A subsidiary ledger containing only accounts for vendors from whom items are purchased or bought on account.
Inventory – 1. Assets
2. Balance Sheet
3. Debit
4. Permanent
Liability – °Past transaction
°Present obligation
°Future economic outflow
Resource Owners – control the distribution of resources to conversion agents
When protein consumption exceeds body needs and energy needs are met, the excess amino acids are metabolized and:
Ending capital – Beginning capital+additional investment-net loss-withdrawals
growth stocks – stocks that pay low dividends
Natural business year – Twelve-month period that ends when a company's sales activities are at their lowest point
partnership – business owned by two or more persons associated as partners
Торговые активы – Trading assets
Temporary Accounts – general ledger accounts that are zeroed at the end of the fiscal year
When prоtein cоnsumptiоn exceeds body needs аnd energy needs аre met, the excess аmino acids are metabolized and:
CONSERVATISM – Lower of cost or market is used to value inventories.
Current Asset – Economic resources that benefits the future are to be used in the next year
#29. What is the owner's equity at the end of May? – $100,000 owners investment
Units of Production Method – Depreciation per unit= cost- salvage value/ total units of production. Depreciation expense=depreciation per unit x number of units produced in the period.
the difference between personal assets and personal liabilities – personal net worth

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