An authorization form prepared for each payment in a voucher system.
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Voucher
An account offset against an asset account on the balance sheet.
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Contra Asset Account
A method of preparing a statement of cash flows in which net income is adjusted for
items that do not effect cash, to determine net cash provided by operating activities.
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Indirect Method
Common standards that indicate how to report economic events.
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Generally Accepted Accounting Principles (GAAP)
A governmental agency that oversees US financial markets and accounting standard-
setting bodies.
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Securities and Exchange Commission (SEC)
Measure of the average number of days inventory is held; calculated as 365 divided
by inventory turnover.
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Days in Inventory
The process of allocating to expense the cost of a plant asset over its useful service
life in a rational and systematic manner.
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Depreciation Cost
The information system that identifies, records, and communicates the economic
events of an organization to interested users.
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Accounting
Written promise as evidence by a formal instrument, for amounts to be received.
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Notes Receivable
Obtaining insurance protection against misappropriation of assets by employees.
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Bonding
Entries made at the end of an accounting period to transfer the balances of
temporary accounts to permanent stockholders equity account, retained earnings.
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Closing Entries
A fee charged by a bank for the use of its services.
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Bank Service Charge
The average time that it takes to purchase inventory, sell it on account, and the collect
cash from customers.
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Operating Cycle
A measure of how efficiently a company uses its assets to generate sales; calculated
as net sales/ average total assets.
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Asset Turnover
Entries to correct errors made in recording transations.
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Voucher
An account offset against an asset account on the balance sheet.
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Contra Asset Account
A method of preparing a statement of cash flows in which net income is adjusted for
items that do not effect cash, to determine net cash provided by operating activities.
,Give this one a try later!
Indirect Method
Common standards that indicate how to report economic events.
Give this one a try later!
Generally Accepted Accounting Principles (GAAP)
A governmental agency that oversees US financial markets and accounting standard-
setting bodies.
Give this one a try later!
Securities and Exchange Commission (SEC)
Measure of the average number of days inventory is held; calculated as 365 divided
by inventory turnover.
Give this one a try later!
Days in Inventory
The process of allocating to expense the cost of a plant asset over its useful service
life in a rational and systematic manner.
,Give this one a try later!
Depreciation Cost
The information system that identifies, records, and communicates the economic
events of an organization to interested users.
Give this one a try later!
Accounting
Written promise as evidence by a formal instrument, for amounts to be received.
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Notes Receivable
Obtaining insurance protection against misappropriation of assets by employees.
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Bonding
Entries made at the end of an accounting period to transfer the balances of
temporary accounts to permanent stockholders equity account, retained earnings.
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Closing Entries
A fee charged by a bank for the use of its services.
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Bank Service Charge
The average time that it takes to purchase inventory, sell it on account, and the collect
cash from customers.
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Operating Cycle
A measure of how efficiently a company uses its assets to generate sales; calculated
as net sales/ average total assets.
Give this one a try later!
Asset Turnover
Entries to correct errors made in recording transations.
