The rights to use resources that have expected future economic benefits
What is Assets
100
An amount earned from rendering services or transferring resources to customers
What is Revenue
100
the action or process of investing money for profit or material result
What is Investments
100
used to expedite the acquisition of non-recurring goods and services necessary for operations. These usually have a fixed maximum dollar amount authorized so that costs can be controlled.
What is Purchase order
100
is the income statement account which reports the dollar amount of ads run during the period shown in the income statement.
What is Advertising Expense
200
The obligation to transfer economic resources to suppliers of goods and services at some point in the future
What is Liability
200
An amount incurred from using resources or services in the effort to generate revenue
What is Expense
200
Assets which the company holds/ owners but cannot be held as a concrete item
What is Intangible Assets
200
is money that has been received by a company and sent to the bank, but which has not yet been processed and posted to the account by the bank.
What is Deposit in transit
200
is an expense category in which is recorded the salaries paid to employees.
What is Salaries expense
300
A situation in which the money invested in a corporation is at risk but investors’ personal possessions are no at risk if the business fails
What is Limited Liability
300
A company’s total revenues less its total expenses for a period to time
What is Net Income
300
A liability likely to be paid or otherwise discharged within one year
What is Current Liabilities
300
A liability likely to be paid or otherwise discharged within one year
What is Long-Term Liabilities
300
Bill received from the person from whom you have purchased goods/service
What is Vendor invoice
400
assets minus liabilities
What is Net Assets
400
An asset likely to be used or consumed within one year
What is Current Assets
400
The portion of the balance sheet that represents the capital received from investors in exchange for stock (paid-in capital), donated capital and retained earnings
What is Stockholders’ Equity
400
Focuses primarily on the reduction of costs, improvements in productivity, and penetration of products/services in the market by having the lowest costs.
What is Efficiency strategy
400
A series of interrelated activities designed to enable the company to generate revenue.
What is Expenditure process
500
represents the claims on the business to transfer the residual interest (net assets of the business) to the owners
What is Owner’s Equity
500
The area/utility that all the conversions take place
What is Property Plant and Equipment
500
A partnership in which the individual partners are liable only for their own actions of those individuals under their control
What is Limited Liability Partnership
500
The expenses that an organization incurs not directly tied to a specific function such as manufacturing/production or sales.
What is Administrative Expenses
500
A series of interrelated activities designed to produce the good a company sells.