Accounting 1: Chapter 1 Century 21 9e

waiter – one who serves at tables in a restaurant
owners equity – the amount remaining after the value of all liabilities is subtracted from the
value of all assets
t-account – simplified presentation of an account, shape like a T.
check stub – a form on which information is recorded by the drawer of a check concerning the check drawn; a source of document
Investing Activities – Spending the capital a company receives in productive ways that will help it achieve its objectives.
Sales revenues are usually considered earned when – C. goods have been transferred from the seller to the buyer
The following figure illustrates DNA undergoing replication. The region indicated by the arrow in this image represents a
Principal. – The face value of a promissory note upon which interest in computed.
It can be inferred that when there is a high correlation between two variables, one is the cause of the other. – False
Debt to total assets ratio – (Solvency) Total Liabilities/Total Assets
Present obligation – A past transaction or event has created an obligation which has not yet been satisfied
Stock – shares into which the owners equity of a corporation is divided.
Branch Deposit Procedures – • Do a deposit once a day
• Open cashbox in RFS(Rental Financial Systems)
• Count money and checks that are in the cashbox
• Input amounts and make sure that the cashbox is balanced
• If balanced, close cashbox and send out the deposit
• If not balanced, research cashbox entries and see why over/under
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Special Orders Formula – Sales \$ per unit for the special order
– All variable costs per unit related to the special order (DM DL VOH Period)
= Contribution margin per unit
x Total units of the special order
= Total contribution margin from the special order
– Additional fixed costs related to the special order
= Impact on profits from the special order (1)
accounts receivable subsidiary ledger – A separate ledger that contains accounts for all charge customers; it is summarized in the Accounts Receivable controlling account in the general ledger.
drawee – the bank on which the check is written
accounting equasion – Assets = Liabilities + Stockholders' equity
Assessed value – The value of an asset determined by tax authorities for the purpose of calculating taxes

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