Accounting Ii Chapter 21 Vocabulary

managerial accouting – yses both historical and estimated data in providing informationthat managemet uses in conducting daily operations in planning future operations and in developing overall business strategies
8. An audit of a company's financial statements requires that the auditor
1. use deductive logic because the auditor must form an opinion after looking at all of the company's transactions for the time period represented on the company's financial statements
2. use deductive logic because the auditor must make a judgment about the company's financial statements after sampling the company's transactions for the time period represented on the company's financial statements
3. use inductive logic because the auditor must form an opinion about the company's financial statements after looking at all of the company's transactions for the time period represented on the company's financial statements
4. use inductive logic because the auditor must make a judgment about the company's financial statements after sampling the company's transactions for the time period represented on the company's financial statements – 4. use inductive logic because the auditor must make a judgment about the company's financial statements after sampling the company's transactions for the time period represented on the company's financial statements
ethics – the principles of right & wrong that guide an individual in making a decision.
time period – a length of time on the calendar used as the basis for preparing financial statements
Depreciation expense would be classified as a/an: – Asset
По справедливой цене – At fair value
Account Balance – The difference between the amounts recorded on the two sides of an account.
Income Statement – A summary of the revenue and expenses for a specific period of time such as month or a year
Reproduce the following symbol: 
Indirect Cost – cannot be easily traced to a cost object (aka common cost) or at a greater cost
A journal amount column headed with an account tittle – Special Amount Column
Reprоduce the fоllоwing symbol: 
auditing – reviewing and testing to be certain that proper accounting policies and practices have been followed
Income statement – Reports all revenues and expenses to a particular time period
Gross Profit – net sales – COGS
fecha de emisión de los estados contables – date of issuance of these financial statements

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