Accounting Final Exam Review

The following amounts relate to Amato Company for the current year: Beginning Inventory, $20,000; Ending Inventory, $28,000; Purchases, $166,000; Purchase Returns, $4,800; and Freight-Out, $6,000. The amount of Cost of Goods Sold for the period is
A. $159,200.
B. $169,200.
C. $162,800.
D. $153,200. – D
sales returns and allowances – transactions in which the seller either accepts goods back from the purchaser or grants a reduction in the purchase price so that the buyer will keep the goods
unstored goods – operating costs, expenses
Flow – looking at finances over a period of time
Straight-line method – Depreciation method allocating equal amounts to all periods over the useful life
IFRS – International Financial Reporting Standards
Know the different forms of business: Corporations, Partnerships, Sole proprietorship and be able to identify their characteristics. – 5.
Accounting Equation – An equation showing the relationship among assets, liabilities, and owner's equity.
Present tense of reflexive verbs–question 6 Special characters, should you need them:   á   é   í   ó   ú   ñ Mi esposo y yo nunca [l1] (dormirse) antes de la medianoche.
blank endorsement – an endorsement consisting only of the endorsers signature
Proprietorship – A business owned by one person is called Proproetorship
Present tense оf reflexive verbs–questiоn 6 Speciаl chаrаcters, shоuld you need them:   á   é   í   ó   ú   ñ Mi esposo y yo nunca [l1] (dormirse) antes de la medianoche.
deposit slip – A slip or form that is filled out with your name, account number and a space for you to record the cash and/or checks that you are depositing.
Debt ratio – Ratio of total liabilities to total assets; used to reflect risk associated with a company's debts

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