Accounting Chapter 9

Account Payable – an unwritten promise to pay creditors for property such as merchandise, supplies or equipments purchased on credit, or for services received on credit.
IASB – international accounting standards board

organization that is attempting to standardize accounting guidelines for the entire world

Purchase Order – An order to the supplier of goods specifying items needed, quantity, price, and credit terms.
Proving cash – Determining that the amount of cash agrees with the accounting records
Accounting entity assumption – That activities of the entity are separate from those of its owners or members
Labor – intellectual and physical
Credit – accounting term that is used for the right side of the account: mortgage payable, revenue
A discharge from the glans penis is referred to as:
external failure costs – costs incurred because products fail to conform
to requirements after being sold to outside parties.
Specific Identification Method – Identifies the cost of the specific item that was sold.
Insurance expense – as part of operating expenses
The entry to record the dishonor of a note receivable assuming the payee expects eventual collection includes a debit to
A. Notes Receivable.
B. Cash.
C. Allowance for Doubtful Accounts.
D. Accounts Receivable. – D
Bad debts – Accounts receivable which are uncollectable are
A dischаrge frоm the glаns penis is referred tо аs:
collection of note rec – note + interest – collection fee
Adjusting journal entries are made at the end of the period to ensure… – the financial statements reflect all economic events that occurred during the current period
Fixed asset – property of a relatively permanent nature used in the operation of a business and not intended for resale is called
Accrual Accounting (expense) – When its incurred

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