Accounting Chapter 10 Vocabulary

Adjusting entries – affect both income statement and balance sheet accounts
payroll register – a business formed used to record payroll information
Correcting entry – an additional journal entry, used to correct an incorrect journal entry
90000 – If sales revenues are $400,000, cost of goods sold is $310,000, and operating expenses are $60,000, the gross profit is:
participaciones en otras sociedades – ownership interest in other companies
How many types of adjust entries are there? – 3
Certified Public Accountant/C.P.A. – An individual possessing a college education, having practical experience in accounting and who has passed a comprehensive state examination in order to be certified to practice public accounting in that state.
Most television personalities who get paid to make predictions (e.g., political pundits) are _________.
credit – an amount recorded on the right side of a T account
geologist – One who studies the matter that makes up the Earth.
f. – Sales allowances: refer to reductions in the selling price of merchandise sold to customers, often involving damaged or defective merchandise that a customer is willing to purchase with a decrease in the selling price.
Liabilities – Probably future obligations to pay assets. A company's debt. has a legal priority to de repaid
Revenue,Income Statement, Credit, Temporary – Service Revenue
Mоst televisiоn persоnаlities who get pаid to mаke predictions (e.g., political pundits) are _________.
Purchase return – A return of goods from the buyer to the seller for cash or credit.
Credit – An amount recorded on the right side of T account
independent internal verification – principle of internal control
Budgeted Sales – =Sales Forecast (in units) x unit selling price

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