Burney - Study guides, Class notes & Summaries

bank reconciliation - a report explaining any differences between the checking account balance according to the depositor's records and the balance reported on the bank statement. cash - currency and coins along with the amounts on deposit in bank accounts, checking accounts, and many savings accounts. cash discount - reduction in a receivable or payable if it is paid within the discount period. cash equivalents - short-term, highly liquid investment assets meeting two criteria: (1) readily...

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

% of receivables method - A/R x %= Target (of Allow T-chart) % of sales method - Sales x %= Bad debt expense 3 types of current liabilities - 1. accounts payable 2. current portion of long term debt 3. short term notes payable accounting - information system that provides reports to users about the economic activities and condition of a business Accounting Cycle - 1. transactions recorded in journal 2. posted in journal 3. unadjusted trial balance 4. adjustment data assembled 5. optio...

ACCY 201 - test 1 - Ole Miss - Burney Questions And Answers Graded A+ | Complete Solutions

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...

Burney ACCY 201 FINAL (Ole Miss) Questions And Answers Graded A+ | Complete Solutions

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

Exam (elaborations) ACCY 201 - test 1 - Ole Miss - Burney