Accounting

Inventory value: lifo vs fifo

Mention 4 types of valuation methods commonly accepted! – 1. Specific identification
2. Fifo
3. Lifo
4. Weighted average

Salary – The money paid for employee services.
Equity recorded – Common Stock
Retained Earnings
Dividends
Statement of retained earnings
serv rev
wage expense
depr expense
rent expense
insurance expense——–largest to smallest
Accrual Accounting – Recording in each fiscal period applicable expense, whether paid or not, and income earned, whether collected or not
A company must make at least two changes in assets, liabilities, or owner's equity when it records each transaction – Dual Effect of Transactions
FOB shipping point – freight terms indicating that ownership of goods passes to the buyer when the public carrier accepts the goods from the seller
unearned revenue – goes in liability, ends up affecting the 3 of them
Income Statement shows – Revenues
Expenses

Net Income

The where and when of a work of fiction are explained in the _____.
Notes or accounts receivables that result from sales transactions are often called
A. sales receivables.
B. non-trade receivables.
C. trade receivables.
D. merchandise receivables. – C
Worksheet – Accounting form used to summarize general ledger information and used to prepare financial statements
owners' equity – The claim of the owners of a business to the assets of the business. Also called capital, stockholder's equity, or net assets.
consistancy – companies use the same accounting methods year to year
C.U.R.L.S – credit- unearned revenue, revenue, liabilities, stockholders equity
The where аnd when оf а wоrk оf fiction аre explained in the _____.
sales invoice – an invoice used as a source docment for reading a sale on account.
*sales* – The total amount charged customers for merchandise sold, including cash sales and sales on account.
Salaries Payable account – Liability of employee salaries, not yet paid
What is Equity? – Contributed Capital and retained earnings
Using a budgeted income statement to plan – …

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