Accounting Chapter 6

comparability – different companies using same principles
sales discounts – a temporary owner's equity contra account used to record discounts given to customers as an incentive for prompt payment.
Liabilities are all things a funeral director – Owes
Liability – an amount owed by a business
The accounting for scrap under process costing is similar to the accounting under:
a. job costing when scrap is different for each job
b. job costing when scrap is common to all jobs
c. process costing when scrap is different for each job
d. process costing when scrap is a common to all jobs – b. job costing when scrap is common to all jobs
par vale of a bond/face value/amount – amount the bond issuer agrees to pay at maturity and the amount on which cash interest payments are based
CPA – Certified Public Accountant
single-step income statement – an income statement in which all expenses are added together and subtracted from all revenues
Financial Accounting Standards Board (Fasb) develops – accounting principles
Inventory Turnover – COGS / Avg. Inventory

How often Inventory is replaced

The abnormal protrusion of the small intestine through a weak point in the muscle of the abdominal wall is called a ________.
Cost Principle – An accounting principle that states that companies should record assets at their cost.
Adjusting entry for accrued wages. – Wages Expense: Wages Payable.
Expense and Liabilities.
Both Increase.
debit and credit.
Income Statement and Balance sheet.
Long-run planning and short-run planning are best performed independently of each other. – False
The аbnоrmаl prоtrusiоn of the smаll intestine through a weak point in the muscle of the abdominal wall is called a ________.
Expenses – A decrease in owner's equity resulting from the operation of a business.
Accounting – Planning,recording,analyzing,and interpreting financial information

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