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CHAPTER 6
CHAPTER 7
CHAPTER 11
CHAPTER 13
CHAPTER 15
100
Updating the ledger accounts
What are adjusting entries?
100
Sales Returns And Allowances
What account is used by the seller to record merchandise returned by a customer?
100
The policies and procedures within a business in order to optimize resources and safeguard assets.
What is internal control?
100
Owner’s equity/ total assets X 100%
What is the debt ratio equation?
100
Owners of shares in a corporation.
What are shareholders?
200
Asset, liability, and owner's equity
What are permanent accounts?
200
Credit Invoice
What source document issued by the seller to indicate the amount of credit allowed to a customer for returned or defective goods ?
200
Authorization, segregation of duties, documentation procedures, safeguarding assets and records, and independent verification.
What are the principles of internal control?
200
Current assets/current liabilities
What is the current ratio equation?
200
Group of persons, elected by the shareholder who are responsible for the operation of the corporation.
What are board of directors?
300
!! DAILY DOUBLE !! Balance is reduced to zero.
What happens when an account is closed?
300
Perpetual Inventory System
What system that requires the establishment of merchandise inventory and cost of goods sold accounts?
300
When the work of one employee should provide a reliable basis for evaluating the work of another employee.
What is segregation of duties?
300
Indicates the percentage of assets financed through debt.
What is the debt ratio?
300
A partnership in which all partners have unlimited liability.
What is general partnership?
400
Automatically closes the revenue and expense accounts when the date is advanced to the new fiscal period
What is Simply Accounting?
400
GST
What federal tax on the sale of most goods and services?
400
Things that only designated personnel should be able to handle or have access to.
What are cash receipts?
400
A liquidity ratio that indicates the profitability of the business.
What is rate of return on net sales?
400
The portion of a corporation’s net income paid to the shareholder.
What are dividends?
500
Accounting changes recorded to ensure that all the account balances are correct.
What are adjusments?
500
purchase discounts
What increases owner’s equity and is recorded as credits?
500
Cost/benefit, collusion, size of business, human element.
What are examples of limitations of internal control?
500
The time it takes to collect accounts receivable.
What is accounts receivable collection period?
500
Rules that outline the rights and responsibilities of each of the parties concerned.
What is a partnership agreement?