Accounting I: Financial Accounting Ch 2

sales return – credit allowed a customer for the sales price of returned merchandise
A journal provides – a chronological record of transactions
The gross profit rate is computed by dividing gross profit by – C. Net sales
Cash over – A petty cash on hand amount that is more than a recorded amout
stock – shares into which the owners' equity of a corporation is divided.
Taxable – Group life insurance
Which of the following is the relationship within sentence 15?
chef – a head cook in a hotel, restaurant, etc.
Current Ratio – Current Assets / current liabilities
Financial accounting – The process that cumulates in preparation of financial reports on the enterprise for the use by both internal and external parties.

Users of these financial reports include investors, predators, managers, unions, and government agencies.

3rd step of Accounting Cycle – prepar journal to general ledger
Which оf the fоllоwing is the relаtionship within sentence 15?
Medicare tax payable – Liabilities

This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply