Accounting 1 Normal Balance

basic accounting equation – assets= liabilities + stockholders equity
RECOGNITION – when certain obligations or rights accrue; when a good or service is provided
Depreciation – Expense created by allocating the cost of plant and equipment to periods in which they are used. Represents the expense of using the asset
responsable sustituto – subrogate or substitute taxpayer
Public accounting – the segment of the accounting profession that provides auditing income tax accounting and management consulting services to clients
Optional deductions include – health insurance, dental, retirement plan
CONTRIBUTED CAPITAL – THE AMOUNT INVESTED IN THE CORPORATION BY ITS OWNER, THE STOCKHOLDERS. ALSO CALLED PAID-IN CAPITAL
Issued Stock – The number of shares the company has issued to its stockholders. It is a cumulative total from the company's beginning up through the current date minus any shares permanently retired
Beak color in a certain species of bird is controlled by a single gene. You mate a homozygous finch (with an orange beak) with a homozygous finch (with an ivory beak). All the offspring have pale, peach colored beaks. The most likely genetic explanation is _____.  
JJ White planned to use $82 of material per unit but actually used $80 of material per unit, and planned to make 1,200 units but actually made 1,000 units.

The sales-volume variance is:
a. $2,000 favorable
b. $14,000 unfavorable
c. $16,400 unfavorable
d. $2,400 favorable – c. $16,400 unfavorable

random – $/total months = amount per month * months provided
Convertible Bond – May be converted to other securities of the issuer (usually common stock).
Beаk cоlоr in а certаin species оf bird is controlled by a single gene. You mate a homozygous finch (with an orange beak) with a homozygous finch (with an ivory beak). All the offspring have pale, peach colored beaks. The most likely genetic explanation is _____.  
Sale on account – Sale for which cash will be recieved at a later date
fiscal year – an accounting period that is one year long
Adjusting entries – affect both income statement and balance sheet accounts
Service company – Provides services

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