Funeral Service Accounting

lower-of-cost-or-market (LCM) – basis whereby inventory is stated at the lower of either its cost of its market value as determined by current replacement cost
Accounting definition – Communicating, identifying and measuring economic information to permit informed judgments and decisions by users of the information
Deferred income – income received but not yet earned is
When the biz buys equip w/ $, liabilities __ – No effect
Net Loss – The difference between total revenue and total expenses when total expenses are greater.
The selling price per unit less the variable cost per unit is the:
a. fixed cost per unit
b. gross margin
c. margin of safety
d. contribution margin per unit – d. contribution margin per unit
Margin – Operating income/Sales
Corporation – A business organized under state law that is a separate legal entity.
Which of the following is a feature of the Nutrition Facts panel on a food label?
Certified Public Accountant (CPA) – Public accountants who have met a state's education, experience, and examination requirements.
Just-in-time (JIT) inventory – inventory system in which companies manufacture or purchase goods just in time for use
Audit Trail – A chain of references that makes it possible to trace information, locate errors, and prevent fraud.
IPO – formal name for goin public intial public offering
Staff department – provides services, assistance, and advice to the departments with the line or other staff responsibilities
Assets = Liabilities + Common Stock + Retained Earnings – Expanded accounting equation
Which оf the fоllоwing is а feаture of the Nutrition Fаcts panel on a food label?
procedimiento de consolidación – consolidation procedure
beginning work-in-process – consists of work done on partially
completed units that represents prior-period work with the
costs assigned to them being prior-period costs. Uses two approaches
for dealing with the prior-period output and costs found in BWIP:
the weighted average method and the FIFOmethod.

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