Accounting
Assets
Liabilities
Owner's Equity
Employees
100
The time period between financial statements.(Pg:203-Book)
What is an Accounting cycle?
100
An event that management wants to plan and evaluate.(Pg:203-Book)
What is a business event?
100
An inventory account used in a manufacturing company to record the direct material on hand.(Pg:236-Book)
What is direct material inventory?
100
Last-in, first-out(Pg:296-Book)
What is LIFO?
100
An organizational scheme used to classify accounts as assets, liabilities, or owner's equity.(Pg:237-Book)
What is charts of accounts?
200
A place where the results of events affecting that item are recorded.(Pg:203-Book)
What is an Account?
200
An asset, liability, or owner's equity account whose balance is carried over from year to year.(Pg:203-Book)
What is permanent account?
200
An inventory account used by a merchandising company.(Pg:236-Book)
What is inventory?
200
First-in,First-out(Pg:296-Book)
What is FIFO?
200
A system used by companies that need to determine the balance in inventory and the cost of goods sold only at specific points in time.(Pg:237-Book)
What is periodic inventory system?
300
The right side of an account.(Pg:203-Book)
What is credit?
300
An account with an opposite balance to the normal balance of its associated account(Pg:203-Book)
What is contra account?
300
An account used under the net price method to record discounts lost.(Pg:236-Book)
What is discount lost?
300
An account that represents the costs of products completed but not yet sold.(Pg:263-Book)
What is finished goods inventory?
300
An account the represents the costs incurred to purchase and receive direct materials.(Pg:263-Book)
What is direct material inventory?
400
The left side of an account.(Pg:203-Book)
What is debit?
400
The normal balance of an account is always the side(debit or credit) on which it increases.(Pg:203-Book)
What is normal balance?
400
A temporary account used to record purchases of inventory.(Pg:237-Book)
What is purchases?
400
An account that represents the costs of products started but not completed.(Pg:263-Book)
What is work-in-progress inventory?
400
A temporary account that represents the returns by customers and price allowances granted to customers.(Pg:296-Book)
What is sales return and allowances?
500
A journal in a computer-based transaction system.(Pg:203-Book)
What is transaction files?
500
An informal representation of a general ledger account.(Pg:203-Book)
What is a T-account?
500
A temporary account used to record purchase discounts taken.(Pg:237-Book)
What is purchase discount?
500
A system for assigning costs to cost objects.(Pg:263-Book)
What is activity based costing?
500
A variance that indicates the difference in revenue due to a change in selling price.(Pg:296-Book)
What is sales price variance?
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