Accounting Test Suppl Questions

Final Report – The culminating technical or financial report required by the sponsor to complete a research project.
going concern assumption – assumes always in business
Owes – liabilities are all things a funeral director
financing activities – Activities that obtain from investor and creditors the cash needed to launch and sustain the business; a section of the statement of cash flows.
Sale on account – a sale for which cash will be received at a later date
Times Interest Earned Ratio – Net income + Interest Expense + Tax Expense/ Interest Expense
Office Equip. – Asset / Balance sheet
commission – the profit that a broker gets everytime you buy or sell a stock through him
Transaction Impact Model – TIM
Three Categories of Expenses – Finance Costs
Selling+Distribution
Administration
Which phrase is included in the Declaration of Independence?
Service business – A business that provides services to customers. (p.11)
revenue – Inflows from primary activities, increases to retained earnings. Sales
Merchandising business – A business that buys goods from manufacturers and then sells them to consumers. (p.12)
Which phrаse is included in the Declаrаtiоn оf Independence?
Basic Issues of Inventory Accounting & Reporting – what physical goods should be included; what costs should be related to inventory; what cost assumption should be used
adjustments – change recorded on a work sheet to update general ledger accounts at the end of a fiscal period
double-entry bookkeeping – account equation in at least two places
ratained – zatrzymane, zakumulowanie

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