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CLEP Financial Accounting Vocab
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CLEP Financial Accounting Vocab
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25 Questions

1. The cost the the biz of the goods it sells

2. The financial report that shows business assets - liabilities - and the owners equity on a particular day

3. Recorded the cost as an asset

4. Contra-asset account that accumulates all the deprec of long lived assets over the years

5. A note with an interest rate written on the face - whose face amount is the present value

6. The financial report that shows the result of business operations over a period of time

7. The cost of living while away from home of business

8. The amount of the historical cost of an asset that gets allocated over the useful life of the asset

9. The amount of long-lived assets used up during operations

10. Income-expenses

11. The inventory system that averages the cost of all items in inventory and assigns that averaged cost the the items sold.

12. The inventory method that keeps track of merchandise costs in various purchases and contra-purchases accounts and then computes cost of goods sold on the income statement. Inventory on the books is adjusted only at year-end.

13. Economic resources that the business plans to use in the future to make money

14. Income - Expenses = Net Income

15. The natural period of time before a certain business activities tend to repeat -usually one year

16. The cost to the business of the goods that it sells

17. Where cash came from and where it went - Cash flow from operations - cash flow from investing activities - cash flow from financing activities - calculation of (1) net cash flow - and (2) cash - end of period

18. Non-operating exp or revenues come from transactions that are not part of normal biz operations

19. Method of journalizing and posting accounts at the same time by recording transac vertically in columns

20. When money is changed into another asset that helps the business make money

21. The financial report that shows the result of biz operations over a period of time

22. The inventory method that increases the inventory account with every purchase and lowers the inventory with every sale.

23. The amount borrowed plus the interest up to a maturity date

24. A depr method that results in higher depr exp in an assets early years

25. The amount borrowed - or the principal. Interest-bearing notes show the present value as the face amount

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