Accounting Final Exam Review

Losses – When expenses exceed income
MATCHING PRINCIPLE – GUIDE TO ACCOUNTING FOR EXPENSES. IDENTIFY ALL EXPENSES INCURRED DURING THE PERIOD, MEASURE THE EXPENSES, AND MATCH THEM AGAINST THE REVENUES EARNED DURING THAT SAME TIME PERIOD
if a fixed asset turnover rate declines – 1. management less efficient at utilizing assets 2. large increase in assets could lead to increased sales in future
SIX SIGMA (ZERO DEFECTS) – RELIES ON CUSTOMER FEEDBACK AND FACT BASED DATA GATHERING AND ANALYSIS TECHNIQUES TO DRIVE PROCESS IMPROVEMENT.
accumulated depreciation – the fixed asset account is not decreased when making adjusting entry, because both original cost of fixed asset & depreciation recorded since purchase are reported on balance sheet, so this account increased instead
Receipt – A business from giving written acknowledgement for cash received
Income taxes payable – Liability
Trial Balance – Section of the worksheet used to prove the equality of debits and credits in the general ledger.
*On no account* would I cheat at the exam. – Semmilyen körülmények között sem csalnék a vizsgán.
Pediculosis is the abnormal condition of having _______.
Accounts Receivable – When you sell goods on credit
whats on an income statement – revenues, expenses, gains/losses.
company name, name of statement and period of time.
capital – the account used to summarize the owner's equity in a business
Relevance – the quality of information that indicates the information makes a difference in a decision
Income Tax – Levied on the earnings of individuals and businesses by federal, state, and local government
Pediculоsis is the аbnоrmаl cоndition of hаving _______.
Balance sheet – Statement of Financial Position; Statement of Financial Condition.
A formal financial statement illustrating the assets, liabilities, and owner's equity of a business as a of a specific date.
Statement of Cash Flows – A financial statement that lists cash inflows (receipts) and cash outflows (payments) during a period; arranged by operating, and financing.

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