midterm - definitions (finacct)

Account linked with another account and having an opposite normal balance.

Cost of inventory sold to customers during a period.

Cash and other assets expected to be collected, used, or sold within one year or the company’s operating cycle.

Obligations due to be paid or settled within one year or the company’s operating cycle.

Expense created by allocating the cost of plant and equipment to periods in which they are used.

Net sales minus cost of goods sold.

Inventory losses that occur as a result of theft or deterioration.

Goods that a company owns and expects to sell to customers.

Items paid for in advance of receiving their benefits.

Liability created when customers pay in advance for products or services.

Liability created by buying goods or services on credit.

Amounts due from customers for credit sales.

Information and measurement system that identifies, records, and communicates relevant information about a company’s business activities.

Subtracts expenses from revenues to yield a net income or loss over a specified period of time.

Corporation’s distributions of assets to its owners.