Types of Major Accounts Part 2 Flashcards

1
Q

interest imcurred but not yet paid

A

Interest Payable

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2
Q

salaries are earned by employees but not yet paid by the business

A

Salaries Payable

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3
Q

utilities already used but not yet paid

A

Utilities Payable

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4
Q

items related to income that was collected in advance before they were earned

A

Unearned Income

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5
Q

the residual amount after deducting liabilities to assets

A

Owner’s Capital

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6
Q

this account is used to record the temporary withdrawals of the owner during the period

A

Owner’s Drawing

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7
Q

revenues earned from rendering services

A

Service Fee

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8
Q

revenues earned from the sales of good

A

Sales

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9
Q

revenues earned from the issuance of interest-bearing receivables

A

Interest Income

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10
Q

income that is earned from the sales of assets, except inventory

A

Gains

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11
Q

represents the value of inventories that have been sold during the accounting period

A

Cost of Sales or Cost of Good Sold

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12
Q

represents the seller’s cost in delivering the goods to the customers

A

Freight- out

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13
Q

represents the salaries earned by the employees by the services they have rendered

A

Salaries Expense

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14
Q

represents the rentals that have been used up during the accounting period

A

Rent Expense

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15
Q

the cost of utilities that have been used during the accounting period

A

Utility Expense

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16
Q

represents the cost of supplies that have been used during the accounting period

A

Salaries Expense

17
Q

The number of estimated losses from uncollectible accounts receivable

A

Bad debts Expense

18
Q

the portion of the cost of a depreciable asset

A

Depreciation Expense

19
Q

represents the cost of promotional and marketing activities during the accounting period

A

Advertising Expense

20
Q

represents the cost of business and local taxes required by the government for the conduct of business

A

Taxes and Licences

21
Q

represents the necessary and ordinary cost of employees from getting to one workplace to another

A

Transportation Expense

22
Q

represents the cost incurred in traveling on business

A

Travel Expense

23
Q

represents the coat of borrowing money

A

Interest Expense

24
Q

represents various small expenditures that do not warrant separate presentation

A

Miscellaneous Expense