single-step income statement – an income statement in which all expenses are added together and subtracted from all revenues
credit – an amount recorded on the right side
Outstanding Stock – Number of shares held by investors, except treasury stock.
basic accounting theory is based on – double entry
. The breakeven-point is the sales volume where:
a. Variable costs equal variable revenues.
b. Fixed costs equal total revenues.
c. Total contribution margin equals fixed costs
d. Total revenues equal variable costs.
e. Total revenues equal total costs
f. c and e are both correct. – f. c and e are both correct.
Bank statement – A report o deposits, withdrawals, and bank balances sent to a depositor by a bank
The term ________ refers to the interactions and processes that take place among the members of a team.
take home pay/net pay – the amount of pay after deductions (income taxes, FICA taxes, etc) have been subtracted
The profit margin on sales ratio indicates how well the firm is – controlling it costs
The term ________ refers tо the interаctiоns аnd prоcesses thаt take place among the members of a team.
Increases assets through sale of product. – Revenue
revenues – inflows or other enhancements of assets of an entity or settlements of its liabilities during a period form delivering or producing goods, rendering services, or other activities that constitute the entity's ongoing major or central operations

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