general ledger
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a ledger that contains all asset, liability, stockholders' equity, revenue, and
expense accounts
matching principle
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the principle that dictates that companies match efforts (expenses) with
accomplishments (revenues)
,long-term investments
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generally, (1) investments in stocks and bonds of other corporations that
companies hold for more than one year, and (2) long-term assets, such as
land and buildings, not currently being used in the company's operations
Classified Balance sheet
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a balance sheet that contains a number of standard classifications and
sections
fiscal year
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an accounting period that is one year long
revenue recognition principle
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, companies recognize revenue in the accounting period in which it is
earned
ledger
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group of accounts maintained by a company
working capital
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the difference between the amounts of current assets and current liabilities
closing entries
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entries at the end of an accounting period to transfer balances of
temporary accounts to a permanent stockholders' equity account, Retained
Earnings
current assets
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Give this one a try later!
a ledger that contains all asset, liability, stockholders' equity, revenue, and
expense accounts
matching principle
Give this one a try later!
the principle that dictates that companies match efforts (expenses) with
accomplishments (revenues)
,long-term investments
Give this one a try later!
generally, (1) investments in stocks and bonds of other corporations that
companies hold for more than one year, and (2) long-term assets, such as
land and buildings, not currently being used in the company's operations
Classified Balance sheet
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a balance sheet that contains a number of standard classifications and
sections
fiscal year
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an accounting period that is one year long
revenue recognition principle
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, companies recognize revenue in the accounting period in which it is
earned
ledger
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group of accounts maintained by a company
working capital
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the difference between the amounts of current assets and current liabilities
closing entries
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entries at the end of an accounting period to transfer balances of
temporary accounts to a permanent stockholders' equity account, Retained
Earnings
current assets
Give this one a try later!
