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Pertain to the sale of goods, on cash or credit terms, of a merchandising business.
Are earnings derived by a professional or professional servicing entity, which may be on cash or credit terms.
Refers to earnings of service business from the services rendered to its client on a cash or credit basis.
Includes the yield on promissory notes, which can be received in cash or collectible on a future date.
Represents the earnings of the owner or lessor from his or her property or facility received or collectible from the occupant, called the tenant or lessee.
Refers to income obtained from the sale of old, retired or replaced assets, such as equipment, investments in shares of stock and land.
Gain on sale of assets
A single-step income statement includes the cost of goods sold as another expense and shows only one subtotal for total expenses.
The gross amount of purchases made, less deductions for purchase discounts, returns, and allowance.
Represents the estimated amount of customers' debt to the company, which are deemed to be uncollectible. Also called bad debts expense or uncollectible accounts expense.
Doubtful Accounts Expense
All revenues are listed down in one section while all expenses are listed in another.
Refers to costs of permits to operate a business, and business taxes paid to the local government units, the Register of Deeds, and the Bureau of Internal Revenue, among others.
Taxes and Licenses
This is “contrary” to the normal balance of the sales or revenue accounts.
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