Financial Accounting Ch 1 Dj

Equation for Assests – Assets = Liabilities + Common stock + Retained earnings – Dividends + Net profit + Minority interest
Fixed assets – The tangible resources that are used in a company's operations for more than one year and are not intended for resale
Medicare tax – A federal tax paid for hospital insurance
"Period of Time" – Comprehensiv Income
The financial statement that reports revenues and expenses is called the
A) Balance sheet
B) Income statement
C) Statement of cash flows
D) Statement of retained earnings – B) Income statement
Periodicity Assumption – An assumption that the life of a business can be divided into artificial time periods and that useful reports covering those periods can be prepared for the business
12. – Know the difference between FOB shipping point and FOB destination
time ticket – when employees work on individual job.
A principal is responsible for all intentional torts committed by an agent.
accounting information system – the system of collecting and processing transaction data and communicating financial information to decision-makers
What type of company asset would machinery be considered? – Plant Asset
an asset is used to pay…. – what is owed
A principаl is respоnsible fоr аll intentiоnаl torts committed by an agent.
auditing – Reviewing and testing to be certain that proper accounting polices and practices have been followed.

This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply