Ch 5 Accounting For Merchandising Operations

$5,000 – A funeral car is purchased by a funeral home for $30,000. The vehicle will be used for five years and then replaced. If the estimated salvage value will be $5,000, what will be the amount of yearly depreciation using the straightline method of depreciation for computation
Units of Production Method – ((total cost-residual value)/estimated total units of resource available); (units extracted x cost per unit)
the heading on all financial statements includes… – 1. the name of the business
2. the name of the statement
3. the date of the statement/period of time covered
"Return on Equity (ROE)" Classify, Calculate, and Interpret – Operating Profitability Ratio

= [ Net Income / Average Total Equity ]

Too low suggests not producing enough net income to cover investments from ALL shareholders

Post closing trial balance – A trial balance prepared after the closing entries are posted
Interpret the meaning of financial results for senior management – объяснять значение финансовых результатов высшему руководству
Merchandise Business – A business that purchases and sells goods.
sistema único de asignaciones familiares – single-family allowance system
Which of the following is the midpoint of a series of numbers, with equal number of items above and below that number?
Income statement – Shows the income, expenses, and profit for the period. Measures how well the performing compared to previous periods. "For the year"
A paper showing quantity, description, prices of items, total amount of purchase, and terms of payment is a/an – Invoice
certified public accountant – public accountants who have met a states education, experience, and examination requirements
Which оf the fоllоwing is the midpoint of а series of numbers, with equаl number of items аbove and below that number?
ordinary annuity – payments at the end of period
Services designed to help clients improve their information systems or their business performance. – management advisory services
Adjusted trial balance – List of accounts and balances prepared after period-end adjustments are recorded and posted

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