measures how many times per year receivables are collected.
Calculation: net credit sales divided by average accounts receivable.
Average accounts receivable*e = (Beginning accounts receivable + Ending accounts
receivable) divided by 2.
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, Accounts receivable turnover
Not Sufficient Funds.
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N.S.F.
income received that is not the direct result of regular trading activities of a business.
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Other income
a process that examines each page of a journal, confirming that the debit entries equal
the credit entries on each page.
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Proving the journal
see Fixed assets
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Long-term assets
net sales minus the cost of goods sold.
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Gross margin (gross profit)
a separate owner's equity account in which withdrawals of cash or other assets by the
owner for personal use are recorded.
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Drawing account (owner withdrawals)
a language of business employed to communicate financial information based upon
analyzing, recording, classification, summarization, reporting, and interpretation of
financial data.
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Accounting
, an expense incurred in operating a business during an accounting period, but not yet
paid.
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Accrued expense
see Data entry
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Recording
any debts that a business owes.
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Liabilities
an unwritten promise to pay creditors for property, such as merchandise, supplies, or
equipment, purchased on credit, or for services received on credit.
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Calculation: net credit sales divided by average accounts receivable.
Average accounts receivable*e = (Beginning accounts receivable + Ending accounts
receivable) divided by 2.
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, Accounts receivable turnover
Not Sufficient Funds.
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N.S.F.
income received that is not the direct result of regular trading activities of a business.
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Other income
a process that examines each page of a journal, confirming that the debit entries equal
the credit entries on each page.
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Proving the journal
see Fixed assets
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Long-term assets
net sales minus the cost of goods sold.
Give this one a try later!
Gross margin (gross profit)
a separate owner's equity account in which withdrawals of cash or other assets by the
owner for personal use are recorded.
Give this one a try later!
Drawing account (owner withdrawals)
a language of business employed to communicate financial information based upon
analyzing, recording, classification, summarization, reporting, and interpretation of
financial data.
Give this one a try later!
Accounting
, an expense incurred in operating a business during an accounting period, but not yet
paid.
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Accrued expense
see Data entry
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Recording
any debts that a business owes.
Give this one a try later!
Liabilities
an unwritten promise to pay creditors for property, such as merchandise, supplies, or
equipment, purchased on credit, or for services received on credit.
Give this one a try later!
