Accounting Chapter 4

short term marketable securities – current assets
Days in Inventory – 365/ Inventory Turnover Ratio
Income tax rate – Tax expense / income before taxes
Chart of Accounts – A list of all of a company's accounts with their account numbers.
Drawings – Value of goods or cash that the owner took out of the business for personal use
transferred-in costs – costs transferred from a prior process to a
subsequent process.
Which of the MDS subtypes is more closely related to the chronic myeloproliferative disorders?
the use of ethics in making business decisions – business ethics
Practical Standards – "tight" but attainable and allow for normal downtime and waste
The change in current assets and current liabilities will be reported on the – cash flow statement
Cash payments journal – A special journal used to record only cash payment transactions
OTHER REVENUE AND EXPENSES – REVENUE OR EXPENSE THAT IS OUTSIDE NORMAL DAY-TO-DAY OPERATIONS OF A BUSINESS, SUCH AS A GAIN OR LOSS ON THE SALE OF PLANT ASSETS

EXAMPLE: INTEREST EXPENSE

Revenue Recognition – The sale of a good is not recorded until all activities necessary to get the good to the customer has been completed.
Cost – might be either an asset or an expense
Which оf the MDS subtypes is mоre clоsely relаted to the chronic myeloproliferаtive disorders?
An external auditor hired by a company to audit its financial statements would work in which of the following areas comprising the accountancy profession?
a. Governmental Accounting
b. Public Accounting
c. Industry Accounting
d. Education
e. Bookkeeping – b. Public Accounting
Management Accountant – Prepares budgets and checks internal systems.

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