Accounting 1: Chapter 1 Century 21 9e

Even in the face of changing conditions, attaining the original budget is critical. – False
Accounting Cycle – Obtain information about transactions
Analyze the transactions
Record the transaction in a journal
post from journal to GL
Prepare an unadjusted trial balance
record adj entried and post to ledger accounts
prepare an adj trial balance
preparation fo financial sttement
clos the temp accounts to Retaine Earnings
Preparea post closing rail balance
3. Revenues represent
1. the cash collected from customers during the year of the income statement
2. the cash collected from sales made during the year of the income statement
3. the sum of the selling prices of all the goods sold to the customers during the year of the income statement
4. the sum of the costs of all the goods sold to the customers during the year of the income statement – 3. the sum of the selling prices of all the goods sold to the customers during the year of the income statement
restrictive endorsement – An endorsement restricting further transfer of a check's ownership.
external transactions – Exchanges between business entities that result in a change to the accounting equation.
Product costs – costs involved in acquiring or making a product
Profit and Loss Statement – The amount of income from the sale of funeral services would be shown on which formal financial statement?
Controller – chief accounting officer
Opportunity Costs – the potential benefit foregone when one decision alternative comes before the other.
What is the value of routeNumber after the following statement is executed ? int zipCode = 93707, routeNumber; switch (zipCode) {  case 93705:  case 93706:      routeNumber = 1;      break;  case 93710:  case 93720:      routeNumber = 2;      break;  default:     routeNumber = 0;     break; }
Current assets – Cash and other resources that are reasonably expected to be realized in cash or sold or consumed within one year.
Patent – an exclusive right to manufacture a product or use a process
Notes to Financial Statements – The notes to the financial statements begin with the financial accounting principles followed by the company
Commission Basis – A method of paying employees according to a percentage of net sales.
Plant Assets – Tangible long lived assets used to produce or sell products and services. Also called property, plant, and equipment (PP&E)
liquidity – measure of how easily an asset can be converted into cash
Current ratio – current assets divided by current liabilities.
Whаt is the vаlue оf rоuteNumber аfter the fоllowing statement is executed ? int zipCode = 93707, routeNumber; switch (zipCode) {  case 93705:  case 93706:      routeNumber = 1;      break;  case 93710:  case 93720:      routeNumber = 2;      break;  default:     routeNumber = 0;     break; }
Expenses – Equity
Present or future payments of cash that are incurred to help the company earn revenue
DR+
Share of stock – each unit of ownership in a corporation
materials requisition form – a source document that records the type,
quantity, and unit price of the direct materials issued to each job.

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