Uil Accounting

Cost Constraint – providing info is costly. The cost gathering the info should be weighed against the benefit users will receive from it
General Journal. – A book of original entry in which business transactions are recorded in chronological order.
Average accounts receivable – (Beginning accounts receivable + Ending accounts receivable) divided by 2.
Credit memorandum – a source document that grants credit to a buyer for purchase return or purchase allowance; items the bank adds to the account balance.
computerized accounting system – financial information recorded by being entered on a computer
Accounting Cycle – A series of steps performed during each accounting period to classify, record, and summarize data for a business and to produce needed financial information.
double-entry system – a system that records the two-sided effect of each transaction in appropriate accounts
Consider the following two statements: Job sharing is a type of flexible work scheduling. Research has found that flexible work scheduling does not have any impact on loyalty and retention.
investor – مستثمر ، موَظِّف
account receivable – a claim against the customer created by selling merchandise or services on credit
financial accounting standard board (FASB) – the group in the private sector with authority to set accounting standards
revenue recognition principle – when a company must recognize revenue when 1. recognized when received, 2. proceeds from selling service/product does not matter if not paid in cash at the moment and 3. revenue recognized by the value paid for
Cоnsider the fоllоwing two stаtements: Job shаring is а type of flexible work scheduling. Research has found that flexible work scheduling does not have any impact on loyalty and retention.
weighted average – COGAS/ # units available for sale = unit cost, ending inventory = #units in ending inventory * unit cost
other expenses – A nonoperating-activities section of the income statement that shows expenses and losses unrelated to the company's main line of operations.
income statement – reports the revenues minus the expenses of the accounting period

This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply