Business Activities – 1. financing
2. investing
3. operating
When the amount of scrap is immaterial, the easiest accounting entry when recording scrap sold for cash is:
a. Sales of Scrap
b. Cash
Manufacturing Overhead Control
c. Cash
Sales of Scrap
d. Accounts Receivable
Sales of scrap – c. Cash
Sales of Scrap
Advantages of corporate ownership – 1.) ability to increase capital
2.) lack of mutual agency
3.) limited liability
current liabilities – Liabilities that will be due within a short time (usually one year or less) and that are to be paid out of current assets.
bottom line of income statement – net income
T Account – Accounting device used to analyze transactions
Fundamental Characteristics – Relevance, Faithful representation
EFT – Electronic Funds transfers, debit cards.
National Restaurant Association (NRA) – A trade association whose members are mostly restaurateurs and restaurant corporations in the United States.
Increased age may cause which change in allergic potential?
Increase in prepaid rent – Decrease asset
to set up a company – основать компанию
Check – A written order drawn by a depositor directing his bank to deduct money from his account and pay the person or company designated
Earnings per Share – (net income – dividends on preferred stock)/ average shares of common stock outstanding
Increаsed аge mаy cause which change in allergic pоtential?
unit of measure concept – a concept of accounting requirirng that economic data be recorded in dollars
Why Study Accounting? – -for future career
-personal financial management
-need for a post high school business degree
-understanding of business
-make wiser investments
Notes payable – a written promise to pay a creditor a certain amount in the future.
Declining Balance Method – Method that determines depreciation charge for the period by multiplying a depreciation rate (often twice the straight-line rate) by the asset's beginning-period balance.
expensed – all expenses that do not depreciate

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