Fundamental Accounting Definitions 1 of 2
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| show | Method that produces larger depreciation charges in the early years of an asset's life and smaller charges in its later years
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| show | Record within an accounting system in which increases and decreases are entered stored in a specific asset, liability, equity, revenue, or expense
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| show | Difference between total debits and total credits (including the beginning balance) for an account
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| Account Form Balance Sheet | show 🗑
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| Account Payable | show 🗑
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| show | Information and measurement system that identifies, records, and communications relevant information about a company's business activities
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| Accounting Cycle | show 🗑
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| Accounting Equation | show 🗑
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| Accounting Information System | show 🗑
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| show | Length of time covered by financial statements also called reporting period
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| Accounts Payable Ledger | show 🗑
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| Accounts Receivable | show 🗑
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| show | Subsidiary ledger listing individual customer accounts
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| Accounts Receivable Turnover | show 🗑
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| Accrual Basis Accounting | show 🗑
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| show | Costs incurred in a period that are both unpaid and unrecorded; adjusting entries for recording accrued expenses involve increasing expenses and increasing liabilities
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| Accrued Revenues | show 🗑
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| show | Cumulative sum of all depreciation expenses recorded for an asset
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| show | Ration used to access a company's ability to settle its current debts with its most liquid assets; defined as a quick assets (cash, short-term investments, and current receivables) divided by current liabilities
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| show | List of accounts and balances prepared after period-end adjustments are recorded and posted
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| Adjusting Entry | show 🗑
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| show | Process of classifying accounts receivable by how long they are past due for purposes of estimating uncollectible accounts
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| show | Contra asset account with a balance approximating uncollectible accounts receivable; also called Allowance for Uncollectible Accounts
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| Allowance Method | show 🗑
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| show | Process of allocating the cost of an intangible asset to expense over its estimated useful life
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| show | Financial statements covering a one-year period; often based on a calendar year, but any consecutive 12-month (or 52-week) period is acceptable
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| Annual Report | show 🗑
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| show | Series of equal payments at equal intervals
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| Assets | show 🗑
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| Audit | show 🗑
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| Bad Debts | show 🗑
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| Balance Column Account | show 🗑
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| show | Financial statement that lists types and dollar amounts of assets, liabilities, and equity at a specific date
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| show | Report that explains the difference between the book (company) balance of cash and the cash balance reported on the bank statement
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| show | Bank report on the depositor's beginning and ending cash balances, and a listing of its changes, for a period
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| show | Accumulating source documents for a period of time and then processing them all at once such as once a day, week, or month
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| Betterments | show 🗑
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| Book Value | show 🗑
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| Business | show 🗑
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| Business Entity Principle | show 🗑
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| C Corporation | show 🗑
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| Canceled Checks | show 🗑
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| Capital Expenditures | show 🗑
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| show | Record the cost as part of a permanent account and allocate it over later periods
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| show | Includes currency, coins, and amounts on deposit in bank checking or savings accounts
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| Cash Basis Accounting | show 🗑
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| show | Special journal normally used to record all payments of cash; also called cash payments journal
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| Cash Discount | show 🗑
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| Cash Equivalents | show 🗑
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| show | Income statement account used to record cash overages and cash shortages arising from errors in cash receipts or payments
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| show | Special journal normally used to record all receipts of cash
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| Change in an Accounting Estimate | show 🗑
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| Chart of Accounts | show 🗑
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| show | Document signed by a depositor instructing the bank to pay a specified amount to a designated recipient
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| Check Register | show 🗑
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| show | Balance sheet that presents assets and liabilities in relevant subgroups, including current and noncurrent classifications
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| show | Entries recorded at the end of each accounting period to transfer end-of-period balances in revenue, gain, expense, loss, and withdrawal (dividend for a corporation) accounts to the capital account (to retained earnings for a corporation)
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| Closing Process | show 🗑
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| Columnar Journal | show 🗑
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| show | Corporation's basic ownership share; also generically called capital stock
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| show | Information system principle that prescribes an accounting system to conform with a company's activities, personnel, and structure
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| Components of Accounting Systems | show 🗑
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| show | Journal entry that affects at least three accounts
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| show | Physical equipment in a computerized accounting information system
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| Computer Network | show 🗑
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| show | Programs that direct operations of computer hardware
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| Conservatism Principle | show 🗑
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| Consignee | show 🗑
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| Consignor | show 🗑
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| Consistency Principle | show 🗑
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| Contingent Liability | show 🗑
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| Contra Account | show 🗑
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| show | Information system principle that prescribes an accounting system to aid managers in controlling and monitoring business activities
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| show | General ledger account, the balance of which (after posting) equals the sum of the balances in its related subsidiary ledger
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| Copyright | show 🗑
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| Corporation | show 🗑
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| show | All normal and reasonable expenditures necessary to get an asset in place and ready for its intended use
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| Cost of Goods Available for Sale | show 🗑
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| Cost of Goods Sold | show 🗑
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| show | Accounting principle that prescribes financial statement information to be based on actual costs incurred in business transactions
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| show | Information system principle that prescribes the benefits from an activity in an accounting system outweigh the costs of that activity
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| show | Recorded on the right side; an entry that decreases asset and expense accounts, and increases liability, revenue, and most equity accounts abbreviated Cr.
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| Credit Memorandum | show 🗑
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| Credit Period | show 🗑
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| Credit Terms | show 🗑
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| Creditors | show 🗑
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| show | Cash and other assets expected to be sold, collected, or used within one year of the company's operating cycle, whichever is longer
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| show | Obligations due to be paid or settled within one year or the company's operating cycle, whichever is longer
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| show | Portion of long-term debt due within one year or the operating cycle, whichever is longer; reported under current liabilities
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| show | Ratio used to evaluate a company's ability to pay its short-term obligations, calculated by dividing current assets by current liabilities
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| show | Date the directors vote to pay a divided
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| show | Date the corporation makes the dividend payment
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| show | Estimate of number of days needed to convert inventory into receivables or cash; equals ending inventory divided by cost of goods sold and then multiplied by 365; also called days' stock on hand
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| show | Measure of the liquidity of receivables computed by dividing the current balance of receivables by the annual credit (or net) sales and then multiplying by 365; also called days' sales in receivables
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| show | Recorded on the left side; an entry that increases asset and expense accounts, and decreases liability ,revenue, and most equity accounts; abbreviated Dr.
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| show | Notification that the sender has debited the recipient's account in the sender's records
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| Debit Ratio | show 🗑
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| show | Individuals or organizations that owe money
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| show | Method that determines depreciation charge for the period by multiplying a depreciation rate (often twice the straight-line rate) by the asset's beginning-period book value
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| Deferred Income Tax Liability | show 🗑
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| Depletion | show 🗑
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| Deposit in Transit | show 🗑
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| Deposit Ticket | show 🗑
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| show | Cost of a plant asset less its salvage value
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| Depreciation | show 🗑
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| Direct Write-Off Method | show 🗑
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| Discount Lost | show 🗑
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| show | Difference between face value of note payable and the (lesser) amount borrowed; reflects the added interest to be paid on the note over its life
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| Discount Period | show 🗑
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| show | Expected rate of return on investments; also called cost of capital, hurdle rate, or required rate of return
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| show | Corporate income is taxed and then its later distribution through dividends is normally taxed again for shareholders
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| show | Depreciation equals beginning book value multiplied by 2 times the straight-line rate
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| Double-Entry Accounting | show 🗑
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| show | Use of electronic communication to transfer cash from one party to another
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| Employee Benefits | show 🗑
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| Employee Earnings Report | show 🗑
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| Enterprise Resource Planning (ERP) Software | show 🗑
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| Entity | show 🗑
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| show | Abbreviation for end of month; used to describe credit terms for credit transactions
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| show | Owner's claim on the assets of a business; equals the residual interest in an entity's asset after deducting liabilities; also called net assets
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| Estimated Liability | show 🗑
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| show | Codes of conduct by which actions are judged as right or wrong, fair or unfair, honest or dishonest
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| show | Happenings that both affect an organization's financial position and can be reliably measured
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| Expanded Accounting Equation | show 🗑
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| Expenses | show 🗑
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| show | Exchanges of economic value between one entity and another entity
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| show | Persons using accounting information who are not directly involved in running the organization
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| Extraordinary Repairs | show 🗑
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| show | Bank authorized to accept deposits of amounts payable to the federal government
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| show | Taxes assessed on both employers and employees; for Social Security and Medicare programs
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| Federal Unemployment Taxes (FUTA) | show 🗑
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| Financial Accounting | show 🗑
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| show | Independent group of fulltime members responsible for setting accounting rules
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| show | Includes the balance sheet, income statement , statement of owner's (or stockholders') equity, and statement of cash flows
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| show | Method to assign cost to inventory that assumes items are sold in the order acquired; earliest items purchased are the first sold
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| Fiscal Year | show 🗑
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| Flexibility Principle | show 🗑
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| show | Annual report form filed with SEC by businesses (small businesses) with publicly-traded securities
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| show | IRS form used to report an employer's federal unemployment taxes (FUTA) on an annual filing basis
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| Form 941 | show 🗑
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| Form W-2 | show 🗑
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| show | Withholding allowance certificate, filed with the employer, identifying the number of withholding allowances claimed
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| Franchises | show 🗑
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| Full-disclosure Principle | show 🗑
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| show | Expenses that support the operating of a business
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| General Journal | show 🗑
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| General Partner | show 🗑
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| show | Partnership in which all partners have mutual agency and unlimited liability for partnership debts
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| Generally Accepted Accounting Principles (GAAP) | show 🗑
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| Generally Accepted Auditing Standards (GAAS) | show 🗑
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| Going-Concern Principle | show 🗑
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| show | Amount by which a company's (or a segment's) value exceeds the value of its individual assets less its liabilities
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| show | Gross margin (net sales minus cost of goods sold) divided by net sales; also called gross profit ratio
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| Gross Method | show 🗑
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| show | Total compensation earned by an employee
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| show | Net sales minus cost of goods sold; also called gross margin
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| show | Procedure to estimate inventory when the past gross profit ratio is used to estimate cost of goods sold, which is then subtracted from the cost of goods available for sale
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| show | Diminishment of an asset value
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| Imprest System | show 🗑
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| Inadequacy | show 🗑
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| Income Statement | show 🗑
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| show | Temporary account used only in the closing process to which the balances of revenue and expense accounts (including any gains or losses) are transferred; its balance is transferred to the capital account (or retained earnings for a corporation)
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| show | Asset life that is not limited by legal, regulatory, contractual, competitive, economic or other factors
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| Information Processor | show 🗑
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| Information Storage | show 🗑
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| show | Means of capturing information from source documents that enables its transfer to information processors
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| show | Long-term assets (resources) used to produce or sell products or services; usually lack physical form and have uncertain benefits
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| show | Charge for sing money (or other assets) loaned for one entity to another
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| show | Financial statements covering periods of less than one year; usually based on one-, three-, or six-month periods
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| Internal Controls or Internal Control System | show 🗑
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| Internal Transactions | show 🗑
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| show | Persons using accounting information who are directly involved in managing the organization
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| show | Group that identifies preferred accounting practices and encourages global acceptance; issues International Financial Reporting Standards (IFRS)
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| show | Goods a company owns and expects to sell in its normal operations
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| Inventory Turnover | show 🗑
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| Invoice | show 🗑
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| Invoice Approval | show 🗑
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| Journal | show 🗑
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| show | Process of recording transactions in a journal
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| Known Liabilities | show 🗑
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| Land Improvements | show 🗑
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| show | Method to assign cost to inventory that assumes costs for the most recent items purchased are sold first and charged to cost of goods sold
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| Lease | show 🗑
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| Leasehold | show 🗑
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| show | Alterations or improvements to leased property such as partitions and storefronts
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| Ledger | show 🗑
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| Lessee | show 🗑
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| Lessor | show 🗑
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| Liabilities | show 🗑
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| show | Owner can lose no more than the amount invested
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| show | Organization form that combines select features of a corporation and a limited partnership; provides limited liability to its members (owners), is free of business tax, and allows members to actively participate in management
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| Limited Liability Partnership | show 🗑
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| Limited Partners | show 🗑
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| show | Partnership that has two classes of partners, limited partners and general partners
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| show | Resources suck as cash that are easily converted into other assets or used to pay for goods, services, or liabilities
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| Liquidity | show 🗑
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| List Price | show 🗑
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| Long-term Investments | show 🗑
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| show | Obligations not due to be paid within one year or the operating cycle, whichever is longer
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| Lower the Cost or Market (LCM) | show 🗑
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| show | Entity who signs a note and promises to pay at it maturity
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| show | Area of accounting mainly aimed at serving the decision-making needs of internal users; also called management accounting
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| show | Company that uses labor and operating assets to convert raw materials to finished goods
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| matching Principle | show 🗑
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| show | Prescribes that accounting for items that significantly impact financial statement and any inferences from them adhere strictly to GAAP
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| show | Date when a note's principle and interest are due
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| Merchandise Inventory | show 🗑
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| show | Entity that earns net income by buying and selling merchandise
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| show | Rating signed to an employer by a state based on the employer's record of employment
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| Modified Accelerated Cost Recovery System (MACRS) | show 🗑
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| show | Principle that assumes transactions and events can be expressed in money units
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| Multiple-Step Income Statement | show 🗑
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| Mutual Agency | show 🗑
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| show | Twelve-month period that ends when a company's sales activities are at their lowest point
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| show | Assets physically consumed when used; examples are timber, mineral deposits, and oil and gas fields; also called wasting assets
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| Net Income | show 🗑
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| Net Loss | show 🗑
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| show | Method of recording purchases at the full invoice price less any cash discounts
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| show | Gross pay less all deductions; also called take-home pay
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| Net Realizable Value | show 🗑
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| Noninterest-Bearing Note | show 🗑
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| Non-Sufficient Funds (NSF) Check | show 🗑
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| Note Payable | show 🗑
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| Note Receivable | show 🗑
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| show | Principle that prescribes independent, unbiased evidence to support financial statement information
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| Obsolescence | show 🗑
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| show | Approach to inputting data from source documents as soon as the information is available
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| show | Normal time between paying cash for merchandise or employee services and receiving cash from customers
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| Ordinary Repairs | show 🗑
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| Output Devices | show 🗑
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| Outstanding Checks | show 🗑
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| Owner, Capital | show 🗑
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| show | Assets put into the business by the owner
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| Partner Return on Equity | show 🗑
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| show | Unincorporated association of two or more persons to pursue a business for profit as co-owners
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| show | Agreement among partners that sets terms under which the affairs of the partnership are conducted; also called articles of partnership
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| show | Dissolution of a partnership by (1) selling noncash assets and allocating any gain or loss according to partners' income-and-loss ratio, (2) paying liabilities, and (3) distributing and remaining cash according to partners' capital balances
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| Patent | show 🗑
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| show | Entity to whom a note is made payable
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| show | Bank account used solely for paying employees; each pay period an amount equal to the total employees' net pay is deposited in it and the payroll checks are drawn on it
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| show | Amounts withheld from an employee's gross pay; also called withholdings
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| Payroll Register | show 🗑
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| show | Method that records the cost of inventory purchased but does not continuously track quantity available or sold to customers; records are updated at the end of each period to reflect the physical count and cost of goods available
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| show | Accounts that reflect activities related to one or more future periods; balance sheet accounts whose balances are not closed; also called real accounts
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| show | Method that maintains continuous records of the cost of inventory available and the cost of goods sold
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| Petty Cash | show 🗑
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| show | Tangible long-lived assets used to produce r sell products and services; also called property, plant and equipment (PP&E) or fixed assets
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| show | List of permanent accounts and their balances from the ledger after all closing entries are journalized and posted
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| show | Process of transferring journal entry information to the ledger; computerized system automate this process
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| show | A column in journals in which individual ledger account numbers are entered when entries are posted to those ledger accounts
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| show | Statements that show the effects of proposed transactions and events as if they had occurred
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| Prepaid Expenses | show 🗑
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| show | Amount that the signer of a note agrees to pay back when it matures, not including interest
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| Principles of Internal Control | show 🗑
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| show | Ratio of a company's net income to its net sales; the percent of income in each dollar of revenue; also called Net Profit Margin
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| Promissory Note (Note) | show 🗑
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| Purchase Discount | show 🗑
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| show | Document used by the purchasing department to place an order with a seller (vendor)
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| show | Document listing merchandise needed by a department and requesting it be purchased
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| Purchases Journal | show 🗑
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| Realizable Value | show 🗑
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| show | Form used to report that ordered goods are received and to describe their quantity and condition
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| show | Part of accounting that involves recording transactions and events, either manually or electronically; also called bookkeeping
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| show | Information system principle prescribing that its reports be useful, understandable, timely, and pertinent for decision making
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| Report Form Balance Sheet | show 🗑
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| Retail Inventory Method | show 🗑
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| show | Intermediary that buys products from manufacturers or wholesalers and sells them to consumers
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| Return | show 🗑
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| Revenue Expenditures | show 🗑
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| show | The principle prescribing that revenue is recognized when earned
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| show | Gross increase in equity from a company's business activities that earn income; also called sales
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| show | Optional entries recorded at the beginning of a period that prepare the accounts for the usual journal entries as if adjusting entries had not occurred in the prior period
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| show | Uncertainty about an expected return
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| show | Corporation that meets special tax qualifications so as to be treated like a partnership for income tax purposes
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| show | Term used by a seller to describe a cash discount granted to buyers who pay within the discount period
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| Sales Journal | show 🗑
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| Salvage Value | show 🗑
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| Schedule of Accounts Payable | show 🗑
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| show | List of the balances for all accounts in the accounts receivable ledger and their total
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| show | Federal agency Congress has charged to set reporting rules for organizations that sell ownership shares to the public
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| Segment Return on Assets | show 🗑
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| show | Expenses of promoting sales, such as displaying and advertising merchandise, making sales, and delivering goods to customers
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| Service Company | show 🗑
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| show | Owners of a corporation; also called stockholders
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| Shares | show 🗑
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| show | Current obligation in the form of a written promissory note
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| Shrinkage | show 🗑
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| show | Includes the signatures of each person authorized to sign checks on the bank account
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| Single-Step Income Statement | show 🗑
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| Social Responsibility | show 🗑
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| Sole Proprietorship | show 🗑
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| show | Source of information for accounting entries that can be in either paper or electronic form; also called business papers
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| show | Any journal used for recording and posting transactions of a similar type
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| show | Method to assign cost to inventory when the purchase cost of each item in inventory is identified and used to compute cost of inventory
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| show | Computer program that organizes data by means of formulas and format; also called electronic work sheet
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| show | State payroll taxes on employers to support its unemployment programs
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| Statement of Cash Flows | show 🗑
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| show | FASB publications that establish U.S. GAAP
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| show | Report of changes in equity over a period; adjusted for increases (owner investment and net income) and for decreases (withdrawals and net loss)
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| Straight-Line Depreciation | show 🗑
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| Subsidiary Ledger | show 🗑
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| show | Information outside the usual accounting records; also called supplemental records
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| T-Account | show 🗑
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| show | Accounts used to record revenues, expenses, and withdrawals (dividends for a corporation); they are closed at the end of each period; also called nominal accounts
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| show | Ratio of income before interest expense (and any income taxes) divided by interest expense; reflects risk of covering interest commitments when income varies
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| show | Assumption that an organization's activities can be divided into specific time periods such as months, quarters, or years
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| show | Measure of a company's ability to use its assets to generate sales; computed by dividing net sales by average total assets
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| Trade Discount | show 🗑
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| show | Symbol, name, phrase, or jingle identified with a company, product, or service
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| show | Exchange of economic consideration affecting an entity's financial position that can be reliably measured
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| show | List of accounts and their balances at a point in time; total debit balances equal total credit balances
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| Unadjusted Trial Balance | show 🗑
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| show | Balance sheet that broadly groups assets, liabilities, and equity accounts
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| Unearned Revenue | show 🗑
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| show | Method that charges a varying amount to depreciation expense for each period of an asset's useful life depending on its usage
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| show | legal relationship among general partners that makes each of them responsible for partnership debt if the other partners are unable to pay their shares
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| show | Length of time an asset will be productively used in the operations of a business; also called service life
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| show | Buyer of goods or services
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| Vendor | show 🗑
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| show | Internal file used to store documents and information to control cash disbursements and to ensure that a transaction is properly authorized and recorded
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| Voucher Register | show 🗑
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| Voucher System | show 🗑
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| show | Table of the amounts of income tax withheld from employee's wages
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| Warranty | show 🗑
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| show | Method to assign inventory cost to sales; the cost of available-for-sale units is divided by the number of units available to determine per unit cost prior to each sale that is then multiplied by the units sold to yield the cost of that sale
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| Wholesaler | show 🗑
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| Withdrawals | show 🗑
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| show | Spreadsheet used to draft an unadjusted trial balance, adjusting entries, adjusted trial balance, and financial statements
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| Working Papers | show 🗑
|
Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
richswimbabe
Popular Accounting sets