Fin: Ch 1: Accounting Information For Decision Making

List Price – An established retail price.
Useful life – the estimated determinable life of a fixed asset.
Taxes Payable – 1. Liability
2. Balance Sheet
3. Credit
4. Permanent
checks – business form ordering a bank to pay cash from a bank account
Net Loss – The amount by which expenses exceed revenues.
accruals – transactions where cash changes hands after revenue or expense is recognized
SECTION 1: Lección 1 Vocabulary–question 5 MIGUEL: Pablo, éste es Juan. PABLO: Mucho gusto, Juan. JUAN: El gusto es _________. (Accented vowels and special letter, in case  you need them: á   é   í   ó   ú   ñ)
double taxation – çifte vergilendirme
Types of Inventory Systems – 1. Perpetual: Count Inv. at end of year, compare with balance
2. Periodic: Cost Begg Inv+Cost Net Purch.- Cost of Ending Purch
Prepaid Rent – 1. Asset
2. Balance Sheet
3. Debit
4. Permanent
Bookkeeping – the recording of financial information in a prescribed manner.
A 60-day note receivable dated April 13 has a maturity date of
A. June 13.
B. June 12.
C. June 11.
D. June 10. – B
SECTION 1: Lección 1 Vоcаbulаry–questiоn 5 MIGUEL: Pаblо, éste es Juan. PABLO: Mucho gusto, Juan. JUAN: El gusto es _________. (Accented vowels and special letter, in case  you need them: á   é   í   ó   ú   ñ)
adjusting the books – make changes in the accounting records, at end of period, just before financial statements are prepared, to make sure amounts reflect the financial condition of the company at that date EX: amount of pre paid lease used by months end
Advantages of sales journals – all sales on credit are in one place in chronological order
all information about the sale is on one single line
no written description is needed, since the sales journal contains information regarding sales made on credit
skimming – failure to report all cash receipts in order to evade income taxes
Balance sheet – shareholders equity
LT debt
Treasury stock
PP&E
Accounts payable

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