Accounting

account balance – The amount in an account.
failure activities – activities performed by an organization or its
customers in response to poor quality (poor quality does exist).
Long-term liabilities – Long-term notes payable, mortgage payable, bonds payable
Management accounting information focuses on external reporting. – False
investment in stocks of other companies – Non current assets
When the company repays the banks for loans, owner's or stockholder's equity __ – No effect
Purchase Method – Record assets and liabilities acquired in a merge or acquisition at their fair value on the transaction date.
What is the FAFSA?
ON EXAM WHENEVER LIFO AND FIFO COME UP PICK ONE OF THOES!!! – NO MATTER WHAT
Expense – Cost of assets used up or service used in the process of earning the Revenue this period
GAAP – Generally accepted accounting principles
Expenses – The cost of selling goods of services
preferred stockholder characteristics – 1. preference for receiving dividends
2. no voting rights
3. preference at liquidation
GLOBALIZATION – LEADS TO GREATER COMPETITION AND GREATER ACCESS TO NEW MARKET
Whаt is the FAFSA?
cash discounts – A deduction from the invoice price granted to induce early payment of the amount due.
open/close a balance – when you transfer the end-of-period balance in revenues expenses, and dividends accounts to the permanent retained earnings account.

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