Accounting 100

The issues which the FASB and IASB must address in developing a common conceptual framework include all of the following except:

A. should a single measurement method such as historical cost be used?

B. should the characteristic of reliability be traded-off in favor of information that is verifiable?

C. should the role of financial reporting focus on stewardship as well as providing information to assist users in decision making?

D. should the common framework lead to standards that are principles-based or rules-based? – C. should the role of financial reporting focus on stewardship as well as providing information to assist users in decision making?

Cost allocation – Распределение затрат
Sales Revenue – Primary source of revenue for a merchandising company.
Accounts Recievable – Debit Balance, Balance sheet, permanent, asset
FIFO – cost flow method requires that the cost of the items purchased first be assigned to Cost of Goods Sold
Permanent Accounts – "real accounts" are not zeroed out at the end of the fiscal year
Personal Expense – • Wages, amazooloo
service business: – service business: a business that performs an activity for a fee
Osmosis is defined as movement of water across a semipermeable membrane. Water will move towards the area with higher concentration of solutes.   Solutions can have different tonicities: A hypertonic solution has higher concentration of solutes than does the intracellular fluid of cells. A hypotonic solution has lower concentration of solutes than does the intracellular fluid of cells. An isotonic solution has the same concentration of solutes as the intracellular fluid of cells.   In the following experiment, we dissolved the shell around the three shown eggs. The remaining soft membrane acts as a semipermeable membrane. We placed each egg in a beaker with one type of solution for several hours. The following are the weights of the eggs before and after immersion.                                                                        A                                              B                                             C   Beaker A Beaker B Beaker C Weight before: 49 g Weight before: 49 g Weight before: 49 g Weight after: 46 g Weight after: 49 g Weight after: 54 g  Use this information to answer the questions that follow.             
Trial balance – A proof of the equality of debit and credits in a general ledger
current liabilities – obligations that a company reasonably expects to liquidate either through the use of current assets or the creation of other current liabilities
Allowance for bad debts (allowance for doubtful accounts) – a contraasset account utilized to accumulate totals against accounts receivable.
Record set up by accountant to represent the proprietor"s ownership in the business – Capital
Osmоsis is defined аs mоvement оf wаter аcross a semipermeable membrane. Water will move towards the area with higher concentration of solutes.   Solutions can have different tonicities: A hypertonic solution has higher concentration of solutes than does the intracellular fluid of cells. A hypotonic solution has lower concentration of solutes than does the intracellular fluid of cells. An isotonic solution has the same concentration of solutes as the intracellular fluid of cells.   In the following experiment, we dissolved the shell around the three shown eggs. The remaining soft membrane acts as a semipermeable membrane. We placed each egg in a beaker with one type of solution for several hours. The following are the weights of the eggs before and after immersion.                                                                        A                                              B                                             C   Beaker A Beaker B Beaker C Weight before: 49 g Weight before: 49 g Weight before: 49 g Weight after: 46 g Weight after: 49 g Weight after: 54 g  Use this information to answer the questions that follow.             
Depreciable Base = ______ – ___________________ – Cost – Anticipated depreciation value
classifying – sorting and grouping similar items together rather than merely keeping a simple diary

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