a written order from the buyer of goods to the supplier, listing items wanted and the terms of the transaction
purchase order
the number of times the accounts receivable turned over, or were collected, during the accounting period
accounts receivable turnover
Drawing: - on left or right?
right (credit)
Revenue: - on left or right?
left (debit)
those obligations that are due within one year or the normal operating cycle of the business, whichever is longer, and will require the use of current asstes
current liabilities
a written agreement specifying that if the borrower does not repay a debt, the lender has the right to take over specific property to satisfy the debt
mortgage
Liabilities: + on left or right?
right (credit)
which bad debts method is considered OK for taxes?
direct/specific write-off method
plans and procedures built into the accounting system with the following objectives: 1- to protect assets against fraud and waste 2- to provide accurate accounting data 3- to promote an efficient operation 4- to encourage adherence to mgmt policies
