Accy 201 - Study guides, Class notes & Summaries

Accounting Definition - An information and measurement system that identifies, records, and communicates relevant, reliable, and comparable information. Accounting Equation - Assets= Liability + Equity Accrued Expenses - Costs that are incurred in a period but are both unpaid and unrecorded Advantages of Bonds - 1- No loss of ownership control 2- Interest is tax deductible 3- Can increase return on equity Advantages of Corporations - 1- Separate legal entity 2- Limited liability of stock...

account - a summary of the effects of all the transactions related to a particular item over a period of time accounting - a system of maintaining records of a company's operations and communicating that information to decision makers accounting cycle - full set of procedures used to accomplish the measurement/communication process of financial accounting accrual basis accounting - record revenues when goods and services are provided to customers, and record expenses with related revenue...

Assets - resources owned by a business Calculate gross margin when given net sales, cost of goods sold and net income. Example: A company has sales of $718,800 and cost of goods sold of $287,800. Its gross profit equals: - Gross profit/margin = sales - Cost of goods sold Example answer: $431,000 Calculate the amount of cash paid by a customer to a company when the customer pays within the discount period (1/10, n/30) - EXAMPLE: "$1000 - 1%/10 net 30" is written on a bill, the buyer can t...

Accy 201 - Test 2 - Ole Miss - Burney Questions And Answers Graded A+ | Complete Solutions

account - record of increases and decreases to a specific asset, liability, equity, revenue, or expense item accounts payable should always have what kind of balance? (debit/credit) - credit accrual basis of accounting - uses the revenue and expense recognition principles to match expenses with related revenues. *requires the use of the adjusting process* adjusted trial balance - trial balance prepared after adjustments are made adjusting process - adjustments to accounts are required at t...

account - a record of increases and decreases in a specific asset, liability, equity, revenue, or expense item. accounting - an information and measurement system that identifies, records, and communicates relevant, reliable, and comparable information about an organization's business activities. accrual basis accounting - type of accounting that uses the adjusting process to recognize revenues when earned and expenses when incurred (matched with revenues). accrued expenses - refers to co...

Accounting - An information system that provides reports to users about the economic activities & condition of a business Accounts payable - What account is credited in a normal accrual expense journal entry? Accounts Receivable - Type of journal account where revenue is earned although no cash has been received (asset) Accounts receivable - What account is debited in a normal accrual revenue journal entry? Accrual - What type of expense or revenue is it when services are performed before ...

Accy 201 Burney Exam 1 Questions And Answers Graded A+ | Complete Solutions

Exam (elaborations) Accy 201 test 2 Ole Miss – Burney. Questions With 100% Correct Answers!!

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