Accounting I: Financial Accounting Ch 1

to make a website – делать сайт
Good – A tangible product that one pays for
Who are the sponsoring organizations of COSO, and what is COSO best known for doing? – …The Committee of Sponsoring Organizations of the Treadway Commission (COSO) is a joint initiative of five private sector organizations, established in the United States, dedicated to providing thought leadership to executive management and governance entities on critical aspects of organizational governance, business ethics, internal control, enterprise risk management, fraud, and financial reporting. COSO has established a common internal control model against which companies and organizations may assess their control systems. COSO is supported by five supporting organizations, including the Institute of Management Accountants (IMA), the American Accounting Association (AAA), the American Institute of Certified Public Accountants (AICPA), the Institute of Internal Auditors (IIA), and Financial Executives International (FEI).
Assets accounts – Cash, supplies and equipment
term bonds – bonds secured for payments – maturity date
Units produced – units in month+(units in next month x %) -units in month x %
Enhancing qualitative characteristics – enhance the usefulness of the information that is relevant and faithfully represented
Net loss – Amount by which expenses exceed revenues
Direct Labor – Labor costs that can easily be traced to a product
Automobiles – …Is a Debit balance account.
Identify this tissue.
composición del capital – capital structure
Foti Co. accepts a $1,000, 3-month, 12% promissory note in settlement of an account with Bartelt Co. The entry to record this transaction is as follows:
A. Notes Receivable 1,030/ Accounts Receivable 1,030
B. Notes Receivable 1,000/ Accounts Receivable 1,000
C. Notes Receivable 1,000/ Sales 1,000
D. Notes Receivable 1,020/ Accounts Receivable 1,020 – B
Retail Business – A business that sells directly to individual consumers.
half yearly accounts – halbjährliche Abrechnung
Identify this tissue.
Internal auditors – Auditors within the company
Accounts Payable – obligation from purchase of inventory on account
S corporation – A type of corporation in which profits are taxed in the same manner as those of a partnership, avoiding double taxation
Average Cost – COGS and inventory are priced on the average cost of items available during the period

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