the ability of a customer to obtain goods or services before payment
What is credit?
100
what does in right hands side of an account..
What is credit?
200
What increase in owner's equity through business activities
What is revenue?
200
What decrease in owner's equity through business operations
What is expense?
200
Accounts that do not close at the end of the accounting year
What is permanent account?
200
consist of items located on the balance sheet, such as assets, owners' equity and liability accounts.
What is temporary account?
200
A revenue event is a record or audit trail about a change to a revenue schedule
What is revenue event?
300
If we define income as the event that results in money flowing into the busines
What is expense event?
300
the adding together of interest or different investments over a period of time.
What is accruals?
300
what adjustments are the accrual..
What is revenue and expense?
300
is a record that keeps accounting transactions in chronological order
What is journal entry?
300
system updates inventory accounts after each purchase or sale.
What is perpetual inventory system?
400
opposed to the net method, records an invoice at full price without regard to any cash discounts offered.
What is gross method?
400
These retailers can usually receive a discount for paying in cash since the manufacturers and wholesalers don't want to have outstanding accounts receivable
What is net method?
400
when a product is shipped or a service is provided what is recognized..
What is revenue?
400
When the cash dividend is paid, the Dividends Payable account is decreased and the corporation's Cash account is decreased.
How is cash sale affect the financial statements?
400
income tax refer to what term..
What is LIFO?
500
means that the goods last added to inventory are assumed to be the first goods removed from inventory for sale.
What is Last in first out?
500
inventory level refers to what term..
What is FIFO?
500
meaning that the oldest inventory items are recorded as sold first but do not necessarily mean that the exact oldest physical object has been tracked and sold
What is First in first out?
500
is the amount of inventory a company has in stock at the end of its fiscal year.
What is ending inventory?
500
are the direct costs attributable to the production of the goods sold by a company.