Accounting 1: Chapter 1 Century 21 9e

Equivalent units in beginning work in process + equivalent units of work done in the current period equals equivalent units completed and transferred out in the current period minus equivalent units in ending work in process. – False
Assets – The economic resources of the entity and include such items as cash, accounts receivable (amounts owed to a firm by its customers), inventories, land, buildings, equipment, and even intangibles such as patents and other legal rights and claims.
cash discounts, allowances and sales returns – have a negative impact on revenue and a negative impact on owner's equity.
financial statements – business documents that report financial information about a business entity to decision makers.
#25. ● purchased inventory for $18,000 on credit
● issued capital stock for $10,000 cash
● purchased equipment for $7,950 cash – XYZ Company's total assets would:
increase by $28,000 + 18,000 + 10,000
agente del mercado abierto electrónico – over the counter broker
In manufacturing, identify one of the major links in the supply chain.
pharmacist – One who greets and deals with clients and visitors to a place.
30.Business combinations – relates to multiple improper accounting activities.
Net Sales. – Sales minus sales returns and allowances minus sales discount.
Stockholders' Equity – Financing provided by owners and by business operations.
Define: Operating profitability Ratios – How good management is at turning their efforts into profits. These compare the top of the income statement (sales) to profits.
In mаnufаcturing, identify оne оf the mаjоr links in the supply chain.
breakdown of the costs – Aufschlüsselung der Kosten
partnership – an unincorporated business form of consisting of two or more persons conducting business as co owners for profit
Cash, Accounts Receivable, Inventory, Prepaid Expenses, Unearned Revenue, Account Payable, Dividends, Common Stock, Retained Earnings, Sales, Cost of Goods Sold, Advertising Expense, Auto Expense, Payroll Expense, etc. – a.
Normal spoilage is spoilage that is not considered to be inherent in a production process. – False

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