Term
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Definition
| A(n) ___ is an amount added to or subtracted from an account balance to bring it up-to-date. |
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Term
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Definition
| The merchandise a business has on hand at the beginning of the period is called the ___. |
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Term
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Definition
| The ___ account is used to record any INVESTMENTS in a CORPORATION by its STOCKholders. |
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Definition
| When a corporation issues only one type of capital stock, that stock is called ___. |
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Definition
| Earnings that are not held by the corporation but are distributed to stockholders as a return on their investment are called ___. |
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Definition
| ___ is the merchandise on hand at the end of the fiscal period. |
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Term
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Definition
| On the income statement, the difference between the net sales and the cost of merchandise sold is the ___. |
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Term
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Definition
| With ___, each amount on a financial statement is compared with its corresponding amount on the previous statement. (Comparative BALANCE SHEET) |
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Term
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Definition
| The name of the account used to make the adjustment for merchandise inventory is ___. |
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Term
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Definition
| ___ is the total cost of merchandise bought during the period, plus transportation charges and less returns, allowances, and discounts. |
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Term
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Definition
| The difference between the sales revenue for the accounting period and any sales returns, allowances, and sales discounts is called ___. |
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Definition
| ___ are shown on the income statement as the assets consumed or the cash spent to earn revenue for a business. |
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Definition
| ___ is the taxable income of a corporation, the amount of income earned before federal corporate income taxes. |
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Term
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Definition
| Only the ___ accounts appear on the post-closing trial balance. |
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Term
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Definition
| A(n) ___ occurs when the items in stock are counted by hand. |
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Term
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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. |
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Term
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Definition
| The value of the stockholders' financial claims to the assets of the corporation is called ___. |
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Term
| Statement of Retained Earnings |
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Definition
| The ___ reports any changes that have taken place in the Retained Earnings account during the period. |
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Term
| Statement of Stockholders' Equity |
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Definition
| The ___ reports the changes that have taken place in all of the stockholders' equity accounts during the fiscal period. |
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Term
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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. |
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Term
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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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