Net Pay
-:- what you take home after taxes
Steps in the Accounting Cycle
-:- Analyze, Record, classifies, summarizes, reports, interprets
common special journals
-:- 1. sales journal
2. cash receipts journal
3. purchase journal
4. cash disbursement journal
GAAP
-:- Generally Accepte...
✓ -:- The process of planning, recording, analyzing, and interpreting financial
information.
n/10 EOM
✓ -:- no discount; full amount is due within 10 days after the end of the month
Accounts Receivable
✓ -:- Amounts to be received in the future due to the sale of goods or services
bookkeeping
✓ -:- the recording of business transactions
Accounts Payable
✓ -:- Amounts to be paid in the future for goods or services already acquired
accountant
✓ -:- A person who plans, summarizes, analyzes, and interprets accounting
information.
accounts Receivable is an
3|Page | Grade A+| 2024/2025
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