Accounting

Normal spoilage is computed on the basis of the number of:
a. good units that pass inspection during the current period
b. units that pass the inspection point during the current period
c. units that are 100% complete as to materials
d. None of these answers is correct. – a. good units that pass inspection during the current period
Balance Sheet – A formal report of a business' financial condition on a certain date; reports the assets, liabilities, and owner's equity of the business.
Accounting Period Cycle – changes in financial information are reported for a specific period of time in the form of financial statements
Balance Sheet – list of assets, liabilities, and owners equity as of a specific date
net earnings – Another name for net income.
Owners equity + Liabilities – Assets
The cement market in Erbia is dominated by four firms. These firms control 85 percent of selling and buying of the domestic market. Which of the following terms explains the market structure of cement industry in Erbia?
Work-in-Process Control will be decreased (credited) for the amount of direct-labor costs incurred. – False
Specific ID – assign costs to the inventory when the purchase cost of each item in inventory is identified and used to compute cost of inventory
Quick ratio – a measure of the relationship between short-term assets and current liabilities.
Current Ratio – current assets/ current liabilities
earnings management – planned timing of revenues, expenses, gains, and losses to smooth out bumps in earnings
A list of all of the account title and their numbers found in the front of the ledger is: – Chart of Accounts
The cement mаrket in Erbiа is dоminаted by fоur firms. These firms cоntrol 85 percent of selling and buying of the domestic market. Which of the following terms explains the market structure of cement industry in Erbia?
Purchase Order – An order to the supplier of goods specifying items needed, quantity, price, and credit terms.

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