Principles of Accounting 2 Final Exam

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Last updated 1:35 AM on 4/30/26
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11 Terms

1
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Inventory turnover formula

Cost of Goods Sold / Ending Inventory

2
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Sales journal

Records credit sales

3
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Purchases journal

Records purchases on credit

4
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Cash receipts journal

Records cash received

5
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Cash payments journal

Records cash paid

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General journal

Records everything else

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Accounts receivable ledger

List of individual customer balances

8
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Extraordinary repair

Extends useful life

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Long-term liabilities

Due after 1 year

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Current liabilities

Due within 1 year

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