Accounting ****

T-account – An accounting device used to analyze transactions.
Stated rate < market rate – discount, CV increases
Accrued Liability – A liability for which the business knows the amount owed but the bill has not been paid.
The cost flow method that often parallels the actual physical flow of merchandise is the
A. FIFO method.
B. LIFO method.
C. average-cost method.
D. gross profit method. – A
A company must make at least two changes in assets, liabilities, or owner's equity when it records each transaction – Dual Effect of Transactions
Revenue – An increase in owner's equity resulting from the operation of a business.

Examples; Sales, Delivery/Consulting Fees.

Fraud – Intentionally devices another person for personal gain
Assets=Liabilities + Owner's equity is the – Accounting equation
Continuity (Going Concern) Assumption – Company will operate long enough to use existing assets
Gross Profit Margin – (Gross Profit on Sales)/(Net Sales)
If, for a given percentage increase in price, quantity demanded falls by a proportionately smaller percentage, then demand is
Non-current – Impact on the business for more than a year
cash register – آلة تسجيل النقود
work distribution matrix – identifies the amount of labor consumed
by each activity and is derived from the interview process
If, fоr а given percentаge increаse in price, quantity demanded falls by a prоpоrtionately smaller percentage, then demand is
business transaction – economic event or condition that directly changes an entity´s financial condition or its results of operations.
Which of the following pronouncements were issued by the Accounting Principles Board?

A. Statements of Financial Accounting Concepts

B. Accounting Research Bulletins

C. Opinions

D. Statements of Position – C. Opinions

Current liabilities – debts of a business that are generally paid within one year.
Office Equipment – Normal Balance: Debit
Type of Account: Asset
Financial Statement: BS
VOH – VARIABLE MANUFACTURING OVERHEAD

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