Accounting Unit 2

Current assets – Assets that change over a short period of time
capital expenditures – substantial amounts spent to improve the quality or extend the life of an asset
Control Account – General ledger account for which a subsidiary ledger is kept.
Activity Ratios – reflect management's use of assets
when employee is paid journal entry – debit salaries payable, credit cash
liabilities – Verbindlichkeiten
what does the revenue recognition principle give us – guidance as to when a company must recognize revenue
    Which device is used to shrink bands onto vials?
Profit – The primary purpose of a business is
Recording/Data Entry. – The committing of a business transaction and the events surrounding such into writing.
    Which device is used tо shrink bаnds оntо viаls?
Permanent accounts – accounts that are continuous from one accounting period to the next; balances are carried forward to the next period (for example, assets, liabilities, and owner's capital accounts).
sales or revenue section – a subsection of the operating section presenting sales, discounts, allowances, returns, and other related information
its purpose is to arrive at the net amount of sales revenue

This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply