Accounting ****

Inventory – 1. Assets
2. Balance Sheet
3. Debit
4. Permanent
Bad debt expense methods – Percentage of sales method
Aging of receivables method
Managerial accounting – Future
Notes payable – Formal written promise to pay supplier or lender specific sum of money at definite future times
49. Nina Corp. had the following net income (loss) the first three years of operation: $7,100, ($1,600), and $3,600. If the Retained Earnings balance at the end of year three is $1,100, what was the total amount of dividends paid over these three years?
A. $500.
B. $0.
C. $9,100.
D. $8,000. – D. $8,000.
book value – the difference between the cost of a depreciable asset and its related accumulated depreciation
accrued interest expense = – principal amount owed + amount interest rate * fraction of year since last payment
*Certified Public Accountant (CPA)* – Public accountants who have met a state's education, experience, and examination requirements.
income statement – A financial statement showing the revenue and expenses for a fiscal period
blank endorsement – an endorsement consisting only of the endorsers signature
Water evaporated from over the oceans produces precipitation of fresh water because
Continuous process management – continually improving employees, business processes, and products. Looks for what wrong and delete it.
calculator tapes – print out of sales for the day
LIFO effects – tax advantage, weaker financial statements
credit to sales (credit card sales) are entered into the: – cash receipts journal
Know the difference between cash and accrual basis of accounting – 7.
Direct Materials – materials that become an integral part of finished product and whose costs can be conveniently traced to the finished product.
Work-in-process inventory – The inventory cost of started but not finished production.
Wаter evаpоrаted frоm оver the oceans produces precipitation of fresh water because
fixed cost – not affected by volume
What are some factors that affect a company's control environment? – 1. the integrity, ethical values, and compentence of the company's personnel
2. management's philosophy and operating style
3. management's assignment of authority and responsibility
4. prodcedures for the hiring and training of personnel and
5. oversight by the board of directors

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