Sunday, August 28, 2011

The term Basic Accounting III


Here is the continuation of Accounting II term that II have written before.

1. Finished goods are goods that have been fully processed and ready for the market.
2. Fixed Assets are the fixed assets.
3. Fixed Cost is the fixed cost.
4. FIFO (First inFierst Out) is a method of goods where the goods are purchased earlier issued earlier as well so as the rest is the most recent item purchased.
5. FOB (Free On Board) is a condition of the goods which the seller pays all costs until on board.
6. General Operating Expense is the general operating expenses.
7. Gross Profit is gross profit / gross is the amount of gross sales minus the cost of goods.
8. Gross Profit Gross profit on sales is net sales of foreign sales to cost of goods penjuala.
9. Imprest Petty Cash System is a system of small funds that remain, sybstem control of cash which the small amount of cash receipts and cash in petty cash should be equal in number with a specified amount of cash paid big.
10. Income Statement is a list of income or profit and loss statements of an enterprise during a certain period.

11. Intangible assets are intangible assets like patents, brand rights and copyrights.
12. Accrued interest is interest that accrued.
13. Interest Income is interest income.
14. Interest Receivable interest receivable is receivables accrued interest.
15. Internal auditors are internal auditors who examine and evaluate in a systematic function of the accounting system.
16. Inventory of Work in Process inventory is still in the process.
17. Turn Over Inventory is inventory turnover rate, which is the ratio between the Cost of Goods Sold (COGS) divided by Average Inventory.
18. Job Discription is a description of duties, authority and responsibility.
19. Ledger is a great book is a collection of estimates of a company to record the transactions.
20. Liability is a debt or obligation of a company.
21. LIFO (Last in First out) is a method where goods are purchased the most recent, issued in advance, so the ending inventory is the earliest items purchased.
22. Liquity is a company's ability to meet all short-term debts in a timely manner.
23. Long Term Loan is a short-term loans.
24. Long Term Debt / Liability is a long-term debt.
25. Manufacturing Margin is the margin of production, ie net sales less cost of goods sold variable.

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