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Assets
Liabilities
Outside the box
Vocabulary
Miscellaneous
100

Amount due from customers for credit sales

Account Receivable

100

When the contract rate is higher than the market rate, the bond is selling at?

Premium

100

Refers to products or goods that a company buys to resell?

Merchandise

100

When a company grants credit to the customer and expects some customers will not pay what they promised. The account of these customers is called...

Uncollectible accounts or bad debts

100

The amount by which a company paid above the market value to acquire another company.

Goodwill

200

When company need immediate cash, they can convert their Account Receivables into cash in two ways..

Selling Receivables

Pledging Receivables

200

When the contract rate is lower than the market rate, the bond is selling at?

Discount

200

The T- Account is also known as?

General Ledger

200

Three methods to estimate bad debt expense.

Percent of sales

Percent of Receivables

Aging of Receivables

200

Three types of asset depreciation methods.

Straight-line

Double Declining

Unit-of-production

300

This asset is the most liquid and is also known as the KING of all assets.

CASH

300

Employer payroll taxes include?

FUTA

SUTA

FICA

300

What is the accounting equation?

Asset = Liabilities + Owners Equity

300

The process of allocating the cost of a plant asset to expense while it is in use.

Depreciation

300

Net income is closed into this account.

Retained Earnings

400

This type of long-term asset is never depreciated and it has an infinite life.

Land

400

A liability that require a series of payments to the lender.

Installment Note

400

Who is the outstanding professor?

Tuan Tran

400

Factors that determine depreciation.

Cost

Useful Life

Salvage value

400

The four type of financial statements.

Income Statement

Statement of Owners Equity


Balance Sheet

Statement of cash flows
500

The process of allocating the cost of natural resources to the period when it is consumed is called?

Depletion

500

Bond discount on bonds payable and premium on bongs payable is amortized using what method?

Straight-line
500

Everyone who comes to class today.

Receive 5 extra credit points.

HAVE A WONDERFUL SUMMER BREAK!

500

A corporation buy back their own stock is classified in the balance sheet as?

Treasury stock

500

Income earned from the sale of goods or services is called?

Revenue