Accounting: Debits & Credits

Contract – A mechanism for procurement of a product or service with specific obligations for both sponsor and recipient. Typically, a research topic and the methods for conducting the research are specified in detail by the sponsor, although some sponsors award these in response to unsolicited proposals.
Purchase Invoice – An invoice used as a source document for recording a purchase on account transaction.
Net Income – Amount earned after subtracting all expenses necessary for and matched with sales for a period; also called income, profit, or earnings.
Mixed Cost – contains variable and fixed components
Accrued income – The sum of:
(1) earnings during a given period from (i) services performed by the recipient, and (ii) goods and other tangible property delivered to purchasers, and
(2) amounts becoming owed to the recipient for which no current services or performance is required by the recipient.
Credit – An arrangement to receive cash, goods, or services now and pay for them in the future.
#17. Total current assets at January 1 amount to: – cash + accts receivable + inventory = $180,000
net income – or net earnings (often called the bottom line) is the excess of total revenues over total expenses
Full Disclosure Principle – The full disclosure principle states that any and all information that affects the full understanding of a company's financial statements must be included with the financial statements.
The transfer of heat by molecule-to-molecule contact is __________________.
Deferrals – Expenses or revenues that are recognized at a date later than the point when the cash was originally exchanged
Stockholder – the holder or person owning stock in a corporation is the
The trаnsfer оf heаt by mоlecule-tо-molecule contаct is __________________.
Classify and record all accounting transactions – классифицировать и записывать все бухгалтерскии транзакции
contra asset – The allowance for uncollectible accounts
Payments Journal – An Accounting record of all cash paid to other entities
Financing Activities – Cash increases or decreases related to long term liabilities and owners equity.

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