Introduction To Accounting Final Financial Multiple Choice

*Chapter 9: Budgeting* – Budgeting is the process of predicting/estimating the financial position of the business due to likely future transaction.
terms of sale – An agreement between a buyer and a seller about payment for merchandise.
9.Lobbying – is when a group of people seeking to influence politicians or public officials on a particular issue.
Asset, Balance Sheet, Debit, Permanent – Goodwill
Receivable – is used to refer to an asset that promises a future INFLOW of resources.

*Accounts Receivable

Book Value – That portion of an asset's original cost that has not yet been depreciated.
natural year – a business's fiscal year that ends at the same time as a slow seasonal period begins
accrual basis of accounting – revenues are reported on income statement in period earned
Sales Revenue – Primary source of revenue for a merchandising company.
A company purchased office supplies for cash. This transaction increased assets and – decreased assets
What is the normal response to distal augmentation? Antegrade/normal venous flow is represented below the baseline.  
net revenue – what are you selling it for
What is the effect on the financial statements of recording depreciation on equipment?
A) Assets are decreased, but net income and stockholders equity are not affected
B) Net income and assets are decreased, but stockholders equity is not affected
C) Net income is not affected, but assets are stockholders equity are decreased
D) Net income, assets, and stockholders equity are all decreased – D) Net income, assets, and stockholders equity are all decreased
Whаt is the nоrmаl respоnse tо distаl augmentation? Antegrade/normal venous flow is represented below the baseline.  
Payroll taxes – Based on payroll numbers (gross pay)
Required by law
Business could fines if not reported accurately
Liability until money is turned over to gov

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