Accounting Chapter 9

Customers – They have an interest in the information about the continuance of an entity, especially when they are dependent on the entity.
international accounting standards board – an organization that issuse international financial reporting standards for many countries outside the u.s
Retained earnings statement – A financial statement that summarizes the amounts and causes of changes in retained earnings for a specific period of time.
Asset, Balance Sheet, Debit, Permanent – Supplies
Book Value/Undepreciated Cost. – The cost of a fixed asset less its accumulated depreciation.
stockholders' equity – paid-in capital & retained earnings
debit – The left side of an account.
Sales discount – a reduction given by a seller for prompt payment of a credit sale
SECTION 5: “Ser” vs “estar”–question 4 Esas bicicletas ___________ de metal. 
Prepaid expenses are – A. paid and recorded in an asset account before they are used or consumed.
What type of company asset includes company rights, privileges, or competitive advantages that result from ownership of long lived assets that do not possess physical substance ? – Intangible Assets
Dividend Payout Ratio – Dividends/Net Income
Companies with a greater proportion of fixed costs have a greater risk of loss than companies with a greater proportion of variable costs. – True
Financial Position – the economic resources that a company owns and the sources of financing for those resources
owner's equity – the amount remaining after the value of all liabilities is subtracted from the value of the assets
SECTION 5: “Ser” vs “estаr”–questiоn 4 Esаs bicicletаs ___________ de metal. 
trade discount – Reduction from a list or catalog price that can vary for wholesalers, retailers, and consumers.
The direct write off method is generally not permitted for financial reporting purposes because – expenses (bad debts) are not properly matched with the revenues (credit sales) they help to generate
If a funeral home sells funeral service on a 30 day account, the entry to record the transaction would be to – Debit accounts receivable, credit sales
Dividends – Distribution of the Company's Profit to it's Owners
Stockholder Equity
Retained Earnings Statement
Debit
The Going Concern Assumption – The business will be in operation indefinitely

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