Accounting 2301 First Exam

For business puposes, dividend payments are classified as expenses – False
Operating – Dividends received from an investment
corporate income tax – társasági adó
Calculate "Net Interest Expense" – = (Gross Interest Expense) – Interest Income
Money paid for the use of money is called – Interest
Sales (Income Statement) – consists of value of goods (total price) provided to customers (income statement)
T account – Skeleton version of a standard account: demonstration purposes
# Days in Inventory – 365 divided by Inventory turnover
What is the order of gases in our atmosphere from the most abundant to the least abundant?
State the accounting equation. – Assets = Liabilities + Owner's Equity
What balance amounts are placed in the balance sheet and income statement debit and credit columns? – Updated balances
libro de haberes rubricado – legalized payroll book
Income Statement – Sales of Merchandise- Cost of Products Sold = Gross Profit – Selling & Admin Expenses = Income from Operations – Interest Expense + Other Income = Pretax Income – Income Taxes = Net Income. EPS = Net income/ # shares
Whаt is the оrder оf gаses in оur аtmosphere from the most abundant to the least abundant?
Selling – Providing customers with goods and services
External users and internal users – Users of accounting information outside of inside of the the organization
Conservatism Principle – The conservatism principle states that whenever an accountant needs to exercise judgement in applying an accounting standard and has several options, the least optimistic option should be selected. This means choosing the option that would result in a lower balance of assets lower net income or a higher balance of debt.

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