Accounting 1: Chapter 1 Century 21 9e

Channel management – getting goods to customers, distribution
82. The International Accounting Standards Board:
A. Is governed by the U.S. Securities and Exchange Commission.
B. Can overrule the FASB when their policies disagree.
C. Promotes the use of high-quality, understandable global accounting standards.
D. Is the primary standard-setting body in the United States. – C. Promotes the use of high-quality, understandable global accounting standards.
installation – производственная установка (устройство, прибор)
Monetary unit assumption – A unit or scale of measurement can be used to measure financial statement
elements.
patent – an exclusive right granted by the U.S. Patent Office to see or manufacture an invention (normally granted for a period of 20 years)
Current Ratio – current assets/current liabilities
also gives working capital- money company has to use
Admin Expense – Secretary to the company president
. In what order are financial statements generally prepared? – income statement, statement of retained earnings and balance sheet
Three popular business analytics types include: prescriptive, predictive and descriptive.
A company has the following account balances: Sale Revenue, $1,000,000; Sales Returns and Allowances, $180,000; Sales Discounts, $20,000; and Cost of Goods Sold, $600,000. What is the company's gross profit rate?
A. 50%.
B. 25%.
C. 60%.
D. 75%. – B
Direct labor – This is the cost of wages for individuals who work on specific products, or in other words, the cost of wages of employees who are directly involved in converting raw materials into finished goods.
External Users – investors, creditors, government agencies, other business
Income statement – A financial statement that presents the revenues and expenses and resulting net income or net loss of a company for a specific period of time
Creditors – those who lend money or deliver goods and services before being paid, are interested mainly in whether a company will have the cash to pay interest charges and to repay the debt on time
Bank service charge – a fee the bank charges for maintaining bank records and processing bank statement items for the depositor
Three pоpulаr business аnаlytics types include: prescriptive, predictive and descriptive.
Cash Basis Accounting – Records revenues when cash is received and expenses hen cash is paid.
Ledger – a record containing all accounts and their balances used by a company
Expanded accounting equation – Equity – Owner's capital – Owner's withdrawals + Revenues – Expenses
Я должен тебе 10 – I owe you 10

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