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Accounting Equations | ACCT - Accounting & Information Systems, Quizzes of Accounting

Northwest Christian University (NCU)Accounting

Class: ACCT - Accounting & Information Systems; Subject: Accounting; University: Northwest Christian College; Term: Forever 1989;

Typology: Quizzes

2014/2015

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TERM 1

Accounting Equation

DEFINITION 1

Assets = Liabilities + Equity

TERM 2

Net Sales

DEFINITION 2

Total Sales- sales discount- sales returns and allowances=

TERM 3

Gross Profit

DEFINITION 3

Net sales- cost of goods sold=

TERM 4

Net income

DEFINITION 4

Gross profit- expenses =

TERM 5

Petty Cash Fund (Journal entry for

establishment)

DEFINITION 5

Petty Cash Fund $XXXX cash $XXXX

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Accounting Equations | ACCT - Accounting & Information Systems, Quizzes of Accounting

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