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Objective Review Vocab
Chapters 18-21
21
Accounting
12th Grade
02/26/2013

Additional Accounting Flashcards

 


 

Cards

Term
Adjustment
Definition
A(n) ___ is an amount added to or subtracted from an account balance to bring it up-to-date.
Term
Beginning Inventory
Definition
The merchandise a business has on hand at the beginning of the period is called the ___.
Term
Capital Stock
Definition
The ___ account is used to record any INVESTMENTS in a CORPORATION by its STOCKholders.
Term
Common Stock
Definition
When a corporation issues only one type of capital stock, that stock is called ___.
Term
Dividends
Definition
Earnings that are not held by the corporation but are distributed to stockholders as a return on their investment are called ___.
Term
Ending Inventory
Definition
___ is the merchandise on hand at the end of the fiscal period.
Term
Gross Profit on Sales
Definition
On the income statement, the difference between the net sales and the cost of merchandise sold is the ___.
Term
Horizontal Analysis
Definition
With ___, each amount on a financial statement is compared with its corresponding amount on the previous statement. (Comparative BALANCE SHEET)
Term
Income Summary
Definition
The name of the account used to make the adjustment for merchandise inventory is ___.
Term
Net Purchases
Definition
___ is the total cost of merchandise bought during the period, plus transportation charges and less returns, allowances, and discounts.
Term
Net Sales
Definition
The difference between the sales revenue for the accounting period and any sales returns, allowances, and sales discounts is called ___.
Term
Operating Expenses
Definition
___ are shown on the income statement as the assets consumed or the cash spent to earn revenue for a business.
Term
Operating Income
Definition
___ is the taxable income of a corporation, the amount of income earned before federal corporate income taxes.
Term
Permanent
Definition
Only the ___ accounts appear on the post-closing trial balance.
Term
Physical Inventory
Definition
A(n) ___ occurs when the items in stock are counted by hand.
Term
Retained Earnings
Definition
The ___ account represents the increase in stockholders' equity from net income that is held by the corporation and not distributed to stockholders as a return on their investments.
Term
Stockholders' Equity
Definition
The value of the stockholders' financial claims to the assets of the corporation is called ___.
Term
Statement of Retained Earnings
Definition
The ___ reports any changes that have taken place in the Retained Earnings account during the period.
Term
Statement of Stockholders' Equity
Definition
The ___ reports the changes that have taken place in all of the stockholders' equity accounts during the fiscal period.
Term
Temporary
Definition
___ accounts are used to record information during the account period; their balances are transferred to a permanent account at the end of the period.
Term
Vertical Analysis
Definition
When using, ___, each dollar amount on a financial statement is also stated as a PERCENTAGE of a base amount on the same statement. (Comparative INCOME STATEMENT)
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