Accounting 202 Chapter 10

Credit Memorandum. – A source document that grants credit to a buyer for purchase return or purchase allowance.
certifed public accountant – an accountant who has met certain education and experiance requirements and passed a national test.
What does FITW stand for? – Federal income tax withholding
Income statement – paper of profit or loss over a certain period
Equites – Financial rights in a business's assets are called equites
Absorption cost per unit is the best product cost to use for one-time-only special order decisions. – False:
Variable cost per unit
contrapartida – reversing entry
the term that describes the replacement of cash in the petty cash fund – replenish
SECTION 8: Present tense of stem-changing verbs–question 3 Special letters, should you need them:   á    é   í    ó   ú    ñ Luis [l1] (volver) a casa a las cinco de la tarde.
Cost center – have control over cost only (no control over revenues); performance evaluation: based on cost variance
Receivables turnover ratio – Number of times the average accounts receivable balance is collected
Income Statement – A statement that reports income for a particular time period.
The recording process steps : – 1. Analyze each transaction
2. Transfer the info to the appropriate accounts in the LEDGER
purchases discount – a cash discount on purchases taken by a customer
Account title – the name given to an account
Traceable Fixed Costs (Direct FC) of a segment – -can be directly traced to the segment
-exist only when the segment exists
-directly charged to the segment
-some are controllable to the segment manager, some not
SECTION 8: Present tense оf stem-chаnging verbs–questiоn 3 Speciаl letters, shоuld you need them:   á    é   í    ó   ú    ñ Luis [l1] (volver) а casa a las cinco de la tarde.
severence payment – kıdem tazminatı
temporary or nominal accounts – accounts whose balances at the end of an accounting period are not carries over to the next accounting period. these accounts- revenue , expenses, withdrawls-help summarize a new or ending figure for capital to begin the next accounting period

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