Accounting 2301 First Exam

The credit side of the T-account is the – Right side
Cash and Credit Sale – Two type of sale are
crediitor – the business or person selling you the item
dividend payment date – the date the payment is made to the shareholders.
debit dividends payable, credit cash
Refining a cost system includes:
a. classifying as many costs as indirect costs as is feasible
b. creating as many cost pools as possible
c. identifying the activities involved in a process
d. seeking a lesser level of detail – c. identifying the activities involved in a process
*statement of owner's equity* – A summary of the changes in owner's equity that have occurred during a specific period of time, such as a month or a year.
Partnership – 2-25 owners usually; unlimited liability; non-continuous existence. Eg law firm
Postdated check – a check with a future date on it
How many half-lives are required for the concentration of reactant to decrease to 25% of its original value?
shipping costs – Versandkosten
All of the following are classified as cash except
A. checks.
B. money orders.
C. money on hand.
D. commercial paper. – D
What is the date when dividend checks are mailed to the stockholders and the payment of dividends is recorded called? – Payment date
If cash short & over account has a year-end credit balance then it is considered this type of account – revenue
depreciation – the process of allocating the cost of an asset to expense over its useful life
Hоw mаny hаlf-lives аre required fоr the cоncentration of reactant to decrease to 25% of its original value?
Financial Accounting – Info to investigators or creditors by financial statements of historical info & financial position

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