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10 - 29 - 2024 > 10 - 29 - 2024 > Flashcards

10 - 29 - 2024 Flashcards

1
Q

Lists of all the balances in the nominal ledger accounts.

A

Trial Balance

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2
Q

Adjusted ______ of the general ledger account balances after any adjustments have been made.

A

Trial Balance lists

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3
Q

_________ is usually made at the end of an accounting period to recognize an income or expense in the period that it is incurred.

A

Adjusting Journal Entry

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4
Q

It refers to economic resources of the firm that are consumable in one year or less.

A

Current Asset

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5
Q

It refers to a current asset which hold monetary bills such as paper money and coins

A

Cash

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6
Q

It refers to all the collectible of the firm to its customer on account due

A

Account Receivable

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7
Q

It refers to all materials that is used in the overall operation of the firm

A

Supplies

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8
Q

It refers to current assets which are considered as Raw Materials that turns into finished good to be sold by the firm.

A

Merchandise Inventory

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9
Q

It refers to the economic resources of the firm which can be lasted for more than one year.

A

Non Current Assets

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10
Q

It refers to non current assets which are made of wood, plastic or glass which are installed at fixed position

A

Furniture & Fixture

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11
Q

It refers to Company’s asset which are operated by fuel energy and electricity

A

Machine

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12
Q

It refers to the financial obligation of the firm which are payable in one year or less.

A

Current Liability

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13
Q

It refers to the current liability which are owed by the firm to its suppliers and employees due on account.

A

Account Payable

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14
Q

It refers to the financial obligation of the firm which supported by legal

A

Notes Payable

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15
Q

These are company’s financial obligation which can be paid in more than one year.

A

Non Current Liability

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16
Q

It refers to the initial investment of the business firm and the results may be added or deducted to it.

A

Capital

17
Q

It refers to all income earnings of the firm from operating, financing and investing activities

A

Revenue

18
Q

It refers to the income of the business from rendering services to its customers

A

Service Income

19
Q

it is a formal record of the financial activities of a business where all the relevant financial data is presented in a structured manner in a form easy to understand.

A

Financial statement

20
Q

It is a financial statement that is used to measure profit and losses of the business operation.

A

Income Statement

21
Q

It is a step of Income statement which all the deduction are written in one report.

A

Single Step Form

22
Q

It is a step of income statement which separate different account using “Note” according to the type of transaction be held in the financial report.

A

Multiple Step Form

23
Q

It refers the financial statement that is used to measure firm’s financial condition.

A

Balance Sheet

24
Q

It is also known as the horizontal representation of financial position

A

Account Form

25
Q

It is also known as vertical representation of financial position (Balance sheet) where assets are located on the left and Liability and equity are on the right side.

A

Report Form

26
Q

It refers to an amount paid by the firm in purchasing raw materials that is directly part of the goods sold by the firm.

A

Costs

27
Q

These are expenses that involves in the promotion and distribution of the firm’s product to the customers.

A

Selling Expenses

28
Q

These are the expenses which are part of the production operation but not involve directly in the production of finished product

A

Production Expenses

29
Q

It is an amount paid from the services get by the firm as part of the operation of the business

A

Expenses

30
Q

it is the company’s total earnings after subtracting all expenses.

A

Net Profit

31
Q

It occurs when a company’s expenses are higher than total revenue.

A

Net Loss

32
Q

It is an expense that involves general operation activities

A

Administrative Expense

33
Q

it refers to loans or outstanding balances owed that are no longer deemed recoverable and must be written off.

A

Bad Debts

34
Q

it is a measure of the wearing out, consumption or other loss of value of an asset arising from the use, effluxion of the time or obsolescence through technology and market changes.

A

Depreciation

35
Q

refers to the expanded reduction in the value of an asset over time. Also known as contra assets

A

Accumulated depreciation

10 - 29 - 2024 (2 decks)

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