Cost Accounting Final

one purpose of accounting – is to provide financial information about property and the rights to that property.
straight-line method of depreciation – charging an equal amount of depreciation expense for a plant asset in each year
Double entry – Recording debit and credit parts of a transaction
Net Sales. – Sales minus sales returns and allowances minus sales discount.
Direct Method – Format directly states the amount of cash that is collected and the amount of cash that is paid for specific items during the period. Everything from Investing down is the same as Indirect Method.
THE DIRECT METHOD IS FAVORED BY FASB AND IASB. Very few companies use direct method.
Transportation In Account – See Freight In Account. An account showing transportation charges for items purchased.
Retained Earnings – Percentage of earnings not paid out as dividends
veterinarian – One who treats illnesses of animals.
What is the medical term for pain in the testicles?
Additional Problem # 4.
Total current assets at December 31, 2001 – cash + accounts receivable + inventory
Long term – Those people or company's that you must pay over a year : car
On February 1, Kline Company received a $6,000, 10%, four-month note receivable. The cash to be received by Kline Company when the note becomes due is
A. $200.
B. $6,000.
C. $6,200.
D. $6,600. – C
Adjusting Entries. – Entries made at the conclusion of a fiscal period to bring accounts up to date.
FOB shipping point – freight terms indicating that ownership of goods passes to the buyer when the public carrier accepts the goods from the seller
NOT-FOR-PROFIT – ORGANIZATION THAT HAS BEEN APPROVED BY THE INTERNAL REVENUE SERVICE TO OPERATE FOR A RELIGIOUS, CHARITABLE, OR EDUCATIONAL PURPOSE.
Whаt is the medicаl term fоr pаin in the testicles?
Operating Activities – relate to things found on the income statement; rent, inventory, interest, income taxes
bank reconcilitation – matching bank statement with checks
book balance = bank balance
Statement of Cash flows reports: – Where cash came from (receipts) and how it was spent (payments) over a span of time
Financial Accounting – Generates reports and communicates them to external decision makers so they can evaluate how well the business has achieved their goals.
fair value – An assessment based on current worth.

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