Accounting Chapter 9

what is a debits normal balance?
what is a credits normal balance? – debit=asset
credit =liabilities and owner equity
consistency – use of the same accounting principles and methods from year to year within a company
when its earned – when is revenue recognized
Pre-Award Costs – Any cost incurred prior to the beginning date of the project period or the initial budget period of a competitive segment (under a multi-year award), in anticipation
of the award and at the applicant's own risk, for otherwise allowable costs.
Question 34 – Subtract Expenses from revenues totaled.
Sanctions – These are a vital component of accountability. If there are no consequences for state actors when they don't meet commitments and standards, the entire accountability process fails. Even with the most comprehensive and insightful information on state performance, no-one can be held accountable unless there are sanctions for misconduct and non-achievement.
According to the stages of dying proposed by Kübler-Ross, ______ is characterized by the patient coming to terms with impending death and embracing mortality.
quick assets – current assets – inventory – other current assets OR
cash + receivables + short term investments
Net pay – The total earnings paid to an employee after payroll taxes and other deductions
retained earning (definition and formula) – income that is not disbursed to shareholders and Formula:
beginning balance of retained earnings
+net income or Net loss( revenue-expenses)
-dividends
=ending balance of retained earnings
Transactions – A business activity that can change the assets, liability's, or owner's equity are called Transactions
fiscal period – The length of time for which a business summarizes and reports financial information
archaeologist – One who studies historical remains
Time period concept – we have to stop and measure. Usually done every year, never covers more than a year, but can be less than a year.
Accоrding tо the stаges оf dying proposed by Kübler-Ross, ______ is chаrаcterized by the patient coming to terms with impending death and embracing mortality.
whats the purpose of the cost of good manufactured statement – summarizes the cost of goods manufactured during the period
resource drivers – factors that measure the consumption of resources
by activities.

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