Top Accounting Term Flashcards

In business there are strategies involved that can make the layman's head spin. That's why we're here to help. Welcome to our accounting terms flashcards set. With our accounting terms flashcards set, you'll be quizzed on financial strategies used by real businesses such as lead loss pricing, predatory pricing, and value based pricing. You'll know both administrative and common costs, then get a deeper look at what the budget for a firm might look like. Here's a good example of a question you might encounter in preparation for a career in accounting:

“At December 31, a retailer's inventory account correctly reported its cost of $48,000. On December 31, the market value of the inventory was $49,000. The retailer also uses a balance sheet valuation account Allowance to Reduce Inventory to LCM. On December 3, the balanace in the valuation account should be...”

ACCOUNTING 211 TERMS

Cards: 28| Attempts: 0| Last updated: Sep 17, 2015

Accounting Equation

Assets = Liabilities + Equity (also Called Ba...

Debit

Increases Asset And Expense Accounts (left)

T Account

Tool Used To Show The Show The Effects Of Tra...

Bank Reconciliation

Report Explaining The Difference Between The ...

BP Accounting Terms

Cards: 19| Attempts: 0| Last updated: Sep 22, 2015