Accounting Chapter 4 Vocab

Gross Earnings – The total amount of money an employee earns in a pay period.
The weighted-average process-costing method calculates the equivalent units by:
a. considering only the work done during the current period
b. the units started during the current period minus the units in ending inventory
c. the units started during the current period plus the units in ending inventory
d. the equivalent units completed during the current period plus the equivalent units in ending inventory – d. the equivalent units completed during the current period plus the equivalent units in ending inventory
Net Pay – take home pay after deductions
Chart of accounts – A list of the titles of all accounts in the ledger, together with an appropriate numbering system for the accounts
Long term Debt – Liability payable beyond one year
home run – large gain in short period
owners equity – the amount remaining after the value of all liabilities is subtracted from the value of all assets
Work is defined as force times
Balance Sheet – Reports the amount of assets, liabilities and stockholders' equity of an accounting entry at a point in time.
blue chip – the highest and best shares to buy, comes from poker
base period – A time period against which costs of the market basket in other periods will be compared in computing a price index
Credit Purchase – buy a good or service now and paying later.
Wоrk is defined аs fоrce times
cost principle – An accounting principle that requires recording the value of transactions for accounting purposes at the actual transaction price
currents assets – dönen varlıklar
Three-column form of account – a form with columns for debit, credit and balance amounts in an account
Liability, Balance Sheet, Credit, Permanent – Acquired Liabilities

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