Weisinger Accounting Ch 4

full disclosure principal – firm must disclose any circumstances and events that would make a difference to the users of the financial statements
An unfavorable variable overhead spending variance indicates that:
a. variable overhead items were not used efficiently
b. the price of variable overhead items was more than budgeted
c. the variable overhead cost-allocation base was not used efficiently
d. the denominator level was not accurately determined – b. the price of variable overhead items was more than budgeted
Stock Splits – Distribution of additional shares of stock to stockholders according to their present ownership
Statement of cash flows – Shows sources of a company's cash and for what was the money spent

Cash flows can be from: operations, financing and investing

Net Income or Net Loss (Equation) – Revenue- expenses
annual report – information from organizations, including financial statements, to stakeholders yearly in a document
losses – sell an asset and receive less for the asset than the amount the asset was reported on the balance sheet
What is the key nutrient that pathogens like to steal from us (their host)?
What is an asset? – An economic resource that can be sacrificed to produce additional value to the company, ex. Machine bought for cash
Transaction – Business activity that changes asserts, liabilities or owners equity
Revenues- Expenses = Net Income – The equation on the Income Statement
Whаt is the key nutrient thаt pаthоgens like tо steal frоm us (their host)?
Accounting cycle – the accounting period of a business is separated into activities that help the business keep its accounting records in an orderly fashion.
Point of State – A computer used to collect, store, and report all the info of a sales transaction.

This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply