Acc 211 Principles Accounting I

Additional paid in capitol – the amount received for the issuance of stock in excess of the par value of the stock
The equation showing the relationship among assets, liabilities, and owner's equity – Accounting equation
sales – Received a cash for services: credit _________
Generally Accepted Accounting Principles – rules of accounting approved by the Canadian Institute of Chartered Accountants for use in Canada
Common Cash inflows – 1. Increase in revenues and additional contribution margin.
2. Reduction in operating costs
3. Proceeds from selling assets that are no longer used.
The Treaty – Document instructing about communication between attorneys and auditors due to confidentiality conflict
Probable – claimant not winning extremely doubtful, client winning slight
Remote – client not winning extremely doubtful, claimant winning slight
journal – provides a chronolgoical record of all transactions affecting a firm.
Use of FIFO – Invatory goes up
There was a string of theaters and clubs throughout the South and Southeast that catered to African American audiences and were safe and acceptable for African American performers. African American artists performed in these venues when touring. It was nicknamed:
Owner's Equity – The amount by which the business assets exceed the business liabilities (owners claims on assets
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.
There wаs а string оf theаters and clubs thrоughоut the South and Southeast that catered to African American audiences and were safe and acceptable for African American performers. African American artists performed in these venues when touring. It was nicknamed:
Dual Effect of Transactions – When on account changes, another account must change to keep equation in balance
Make or Buy Decision – In the MAKE column, list all the costs that will not be incurred if the company buys. Use per unit cost for all variable costs and multiple by the volume to get the total.
Implement the alternative that gives the lowest net cost
Income – increases in the owner's equity resulting from business operations is known as
Cost Principle – aquired assets and service should be recorded at historical cost

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