Financial Accounting Chapter 1

Job-order costing system – a costing system in which costs are collected
and assigned to units of production for each individual job.
publicly held corp. – a corp. that allows anyone in the public to purchase their stock
Restrictive endorsement – Endorsement restricting further transfer of a checks ownership
Balance sheet—describes a company's financial position (types and amounts of assets, liabilities, and equity) at a point in time. – c.
Deposit slip (deposit ticket) – a bank form that lists those cash items (currency and coin) and individual checks to be deposited.
Reducing balance depreciation – Carrying amount times depreciation rate. Expense not same every year
accuracy of A/R subsidiary ledger against A/R control account – Schedule of A/R
Accounting equation – economic occurrence that changes an enterprise's assets, liabilities, or stockholders' equity
According to Jean Piaget, Sensorimotor is the first stage of cognitive development and includes reflexive behavior such as reaching for an object.
Which of the following is an example of a deferral – Resources have been been purchased for cash but not yet used
Which of the following elements of financial statements is not a component of comprehensive income? – distributions to owners
commercial paper – short-term amounts owed to investory, very short term borrowing, usually 10-90 days
What are the three categories of non-current assets? – 1. Intagibles
2. Tangibles
3. Investments
independence – means the accountant avoids all relationships that impair or even appear to impair his or her objectivity
explanation – THIRD on journal below credits and to the right- 1"
Accоrding tо Jeаn Piаget, Sensоrimotor is the first stаge of cognitive development and includes reflexive behavior such as reaching for an object.
current ratio – current assets divided by current liabilities
current liabilities – obligations that a company reasonably expects to liquidate either through the use of current assets or the creation of other current liabilities
General Journal – Used for all types of business transactions; used for miscellaneous entries
When cash is received, the acct cash will be – Debited
Sales Returns and Allowances – A contra revenue account where sales returns and sales allowances are recorded; sales returns and allowances are subtracted from sales to determine net sales.

This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply