Instructions: Identify the Following Terms

question 40

Short Answer

Instructions: Identify the following terms.
Congress of Vienna

Know the regulations related to gift cards, including expiry dates and fees.

Identify what constitutes an unconscionable transaction.

Describe the characteristics of a negotiable instrument.

Distinguish between a sale and an agreement to sell.

---

Definitions:

Reversing Entries

Optional bookkeeping technique in which certain adjusting entries are reversed or switched on the first day of the new accounting period so that transactions in the new period can be recorded without referring back to prior adjusting entries.

Accruals

Accounting adjustments for revenues earned or expenses incurred which have not yet been received or paid, respectively.

Adjusting Entries

Journal entries made at the end of an accounting period to update account balances to their correct amounts.

Normal Balance

The side (debit or credit) of an account that is normally expected to have a higher balance, indicating its increase.