Accounting Chapter 2

Преимущество перед конкурентами – Competitive advantage
Independent variabl – a variablethat acts as vausal facto: activity is the independent variable, as represented by the letter x in the question y = a + bX
Classifed B/s – In this class, we will be working with An algebraic equation,
Managerial – Report for "inside" users (Managers)
Substantive Attention of Attorney – Not preliminary or passing advice
Not based on hypothetical facts
No duty to investigate
Not in another role or context
sale on account – A sale for which cash will be recieved at a later date
The term used for the FTC requirement that advertisers have a reasonable basis for claims made in advertisements is  ______________.
Just the endorser's signature – Blank endorsement
OIF investment income received – operating effect
If a check correctly written and paid by the bank for $638 is incorrectly recorded on the company's books at $683, the appropriate treatment on the bank reconciliation would be to
A. add $45 to the bank balance.
B. add $45 to the book's balance.
C. deduct $45 from the bank balance.
D. deduct $438 from the book balance. – B
The term used fоr the FTC requirement thаt аdvertisers hаve a reasоnable basis fоr claims made in advertisements is  ______________.
dividends – distribution of net income to its owners
-decreases assets
-decreases retained earnings (owners' equity)
-NOT an expense and therefore does not appear on an income statement
Financial Statement Order – income statement, Retained Earnings, Balance Sheet
Debt to equity – Total liabilities / Total Equity

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