Acc 211 Principles Accounting I

debit: – an amount recorded on the left side of a T account
Blank Endorsment – An endorsment consisting only of the endorser's signature
Slide error – accidental misplacement of a decimal point in an amount
Transposition error: occurs when two equality of total debits amount are accidentally reversed, or transposed.
Indirect manufacturing costs:
a. can be traced to the product that created the costs
b. can be easily identified with the cost object
c. generally include the cost of material and the cost of labor
d. may include both variable and fixed costs – d. may include both variable and fixed costs
The long-range plan established the major activities that will have to be carried out over the next _______ to ______ years to achieve the organizations goals. – 3 to 5
Liability – An amount owed by a business
Accrual-basis accounting – accounting basis in which companies record, in the periods in which the events occur, transactions that change a company's financial statements, rather than in the periods in which the company receives or pays cash
2. The term ______________ has been used to describe the relationship between a theatre audience and the actors because of their physical proximity and the power the audience has to affect the actor's performances.
Principles & Assumptions of Accounting 4: Time period assumption – presumes that the life of a company can be divided into time periods such as months and years
Liquidity Ratio – firm's ability to pay its immediate debts
Dishonored Check – A check that a bank refuses to pay
prepaid expenses – advanced payment of future expenses & recorded on assets when cash is paid
reliability – must be verified
faithful representation and neutral
Sales Discount – Normal Balance: Debit
Type of Account: Revenue
Financial Statement: IS
2. The term ______________ hаs been used tо describe the relаtiоnship between а theatre audience and the actоrs because of their physical proximity and the power the audience has to affect the actor's performances.
Liquidity Ratios – Measure the ability of a company to pay obligations expected to become due within next year or operating cycle
All unfavorable overhead variances decrease operating income compared to the budget. – True
Return on Assets (ROA) – net income/ average total assets

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