Accounting General Journal, 9e: Chapter 01

Financial Reporting Council (FRC) – The council with oversight responsibility for the AASB and the Auditing and Assurance Standards Board (AUASB)
balance sheet common-size statements/percentage method – express the major items in the balance sheet as a percent of the total assets and compare with previous fiscal periods
chart of accounts – list of accounts in ledger
To set realistic selling prices:
a. all costs should be allocated to products
b. costs should only be allocated when there is a strong cause-and-effect relationship
c. only unit-level costs and batch-level costs should be allocated
d. only unit-level costs should be allocated – a. all costs should be allocated to products
account balance – the amount in a account
no par-value stock – the entire proceeds from the stock issue are recorded in the common or preferred stock acct.
-regarded as legal capital
accounting equation – An equation showing the relationship among assets, liabilities, and owner's equity
Receipt – A business form giving written acknowledgement for cash received
What is one qualification to serve as a member of the U.S. House of Representatives?
monetary unit assumption – principle states that you only record business transactions that can be expressed in terms of a currency. (assume the $ sign so you don't use the $ sign)
A business paper from which information is obtained for a journal entry – Source Document
What provides the needed information to record transactions in a journal – Journalizing
Assets taken from the business for the owner's personal use – Withdrawals
Days in inventory measures the average number of days inventory is held.
A. True
B. False – TRUE
Whаt is оne quаlificаtiоn tо serve as a member of the U.S. House of Representatives?
What is GST not included in? – Wages, drawings, interest received/interest paid, loans received/loan repayment, receipts from debtors, payment to creditors and capital contribution.

This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply