Weisinger Accounting Ch 4

Revenue – An increase in equity resulting from the sale of goods or services.
variable costing – Product cost=DM+DL+VOH (no FOH)
Net income – If total revenues are greater than total expenses (net profit)
Fringe Benefits – Employee benefits paid by the employer. (e.g., FICA, Worker's Compensation, Withholding Tax, Insurance, etc.)
Purchases Discount – A cash discount offered to the customer for payment within a specified period.
(cash flows) payment of dividends – financing activities (subtract)
Opening An Account – writing an account title and number on the heading of an account
According to our present theory of solar system formation, why were solid planetesimals able to grow larger in the outer solar system than in the inner solar system?
restrictive endorsement – An endorsement restricting further transfer of a check's ownership
Liquidity – being in cash or easily convertible to cash
purchase requisition – a form used to request the responsible person or department to purchase merchandise or other property
The journal entry to record a payment on account will:
A) debit accounts payable and credit retained earnings
B) debit accounts payable and credit cash
C) debit cash and credit Expenses
D) debit Expenses and credit cash – B) debit Accounts Payable and credit Cash
Accоrding tо оur present theory of solаr system formаtion, why were solid plаnetesimals able to grow larger in the outer solar system than in the inner solar system?
Cost/benefit constraint – Entities not required to provide information if the costs exceed any benefits
merchandise sold equation – beginning merchandise inventory + net purchases = cost of merchandise available for sale – ending merchandise inventory = cost of merchandise available for sale
Net Loss – The difference between total revenue and total expenses when total expenses are greater.
Account – This name refers to a record within an accounting system which is used to collect and store similar information for a specific asset, liability, equity, revenue, or expense.

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