A transaction or change recognized on the financial statements of an accounting entity.
What is an accounting event?
100
an journal entries usually made at the end of an accounting period to allocate income and expenditure to the period in which they actually occurred
What is adjusting entries?
100
a complete list of items such as property, goods in stock, or the contents of a building.
What is inventory?
100
the difference between the “sticker” price (full cost) to attend a specific college, minus any grants and scholarships for which you may be eligible.
What is Net price?
100
First in first out
What does FIFO stand for?
200
The portion of assets owned by the sole proprietor, stockholders, or partners of a business entity.
What is Owners Equity?
200
journal entries made at the end of an accounting period to transfer temporary accounts to permanent accounts.
What is closing entry?
200
record that keeps accounting transactions in chronological order.
What is journal entries?
200
primarily refers to two things. One is a type of short-term, highly liquid investment that earns a low rate of return such as investment company Fidelity's mutual fund called Fidelity.
What is cash receive?
200
Last In First Out.
What is LIFO?
300
accounting classification of an account. It is part of double-entry book-keeping technique.
What is normal balance?
300
events that change revenue schedules.
What is revenue event?
300
a system of inventory in which updates are made on a periodic basis.
What is periodic inventory system?
300
defined as sales in which the buyer's payment obligation to the seller is settled on delivery, for example by payment in cash or by debit or credit card.
What is cash sale?
300
The current amount of a product that a business has in stock.
What is inventory level?
400
an account that does not appear on the balance sheet; also called nominal account.
What is temporary account?
400
the total direct cost during the fiscal year ending
What is expense event?
400
inventory accounts after each purchase or sale.
What is perpetual inventory system?
400
is a formal record of the financial activities and position of a business, person, or other entity.
What is financial statement?
400
FIFO
What is first in first out?
500
Accounts that are used to report on activities related to one or more future accounting periods; their balances are carried into the next period, and include all balance sheet accounts.
What is permanent account?
500
are adjustments for 1) revenues that have been earned but are not yet recorded in the accounts, and 2) expenses that have been incurred but are not yet recorded in the accounts.
What is accruals?
500
Value of a product or service before any cash discounting is considered. For accounting purposes, the gross price represents the value of an invoice before any discounting is applied.
What is Gross price method?
500
tax levied by a government directly on income, especially an annual tax on personal income.
What is income tax?
500
Method of inventory valuation based on the assumption that the goods purchased most recently are sold or used first.