Accounting Chapter 4 Vocab

partnership – 2/more owners (10% of businesses)
time/term of note – the period of time from the date of the note to the maturity date
Direction of Transactions – Debit (dr) is on the LEFT side of an account.
Credit (cr) is on the RIGHT side of an account.
Equity Inv. – Trading – Balance sheet – fair value
Income statement – dividend income, realized and unrealized gains and losses, impairment losses
Long-term Notes Payable – Long-term Liability
BALANCE SHEET – which financial statement is SHORT-TERM INVESTMENTS usually found
Capital Expenditures – Big items that go on balance sheet. Ex: Land, equipment…
GDP calculations exclude goods that are produced outside of the country, even by American firms (like Coca Cola producing in Mexico). 
Cost – Amount paid by a business for merchandise
whats on an income statement – revenues, expenses, gains/losses.
company name, name of statement and period of time.
GST refund – A cash receipt from the ATO to clear GST receivable
14. – In your own words be able to explain:
receipt – átvételi elismervény
Account – A record summarizing all the information pertaining to a single item in the accounting equation.
GDP cаlculаtiоns exclude gооds thаt are produced outside of the country, even by American firms (like Coca Cola producing in Mexico). 
36.Reinsurance Company – is the insurance company that issues an insurance policy and guarantees the obligations of the insurance company.
accounting information system – the system of collecting and processing transaction data and communicating financial information to decision-makers
Journal – Provides a chronological record of all transactions
cost constraint – cost to provide info should be weighed against benefit users will gain from having info available

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