is this correct? is this correct? ACCT 201 Case Spring 2018 Page 11 7. Identify

ID: 2550034 • Letter: I

Question

is this correct? is this correct? ACCT 201 Case Spring 2018 Page 11 7. Identify each term definition below: a. Obligations that the company expects to pay after one year urt ztirb. Principle that requires that companies include in the eccounting records only transaction data that can be expressed in terms of money c. Cost of assets consumed or services used in the process of earning d. The entire group of accounts maintained by a company e. List the four financial statements revenue. ial boruf.List of general ledger occounts ond their bolances t a given time. Kadik9. The right side of an account. h. Amounts owed by customers that result from the sale of goods and services sendize i.Goods held for sale to customers The process of comparing the bank's balance of an account to the company's balance and explaining any differences to make them agree. k. A dishonest act by an employee that results in personal benefit to the employee at a cost to the employer. L List the three types of temporary (nominal) accounts expenses and gains and losses that are unrelated to the E0 230m. Revenues and Company's main operations n. Process of allocating the cost of a plant asset to expense over its useful life.

Explanation / Answer

Long term liability

Money measurement principal

expenses

Ledger

income statement, balance sheet. Statement of retained earnings, cash flow statement

Trial balance

credit

Accounts receivables

Finished goods or merchandise inventory

10-

Bank reconciliation

11-

Fraud

12-

income , expenditure and gain or loss

13-

non operating

14-

depreciation