Accounting Terms Chapter 912

Qualitative Characteristics: Enhancing Qualities – 1. Comparability
2. Verifiability
3. Timeliness
4. Understandability
Uses of Income Statement – Risk, Operating Capability, Financial Flexibility
depletion – deprecation of natural resources
Retained Earnings – How much money a company retains…. Net income less dividends
gross margin ratio – gross margin / sales revenue OR
(sales-cogs)/ sales rev
Reducing defects helps to reduce costs, but it does not make the business more competitive. – False
Formula for accounting – Assets=liabilities + owner's equity
dividend record date – the date the corporation prepares the list of owners that will be paid the dividends; "ex-dividend"
overheads, operating costs – Betriebskosten
Conceptual Framework for Financial Reporting: Second Level "What are the two concepts? – 1. Qualitative Characteristics
2. Elements
Hogarth's Gin Lane shows the dignity and hardworking nature of the poor in London's slums.
trade discount – Reduction from a list or catalog price that can vary for wholesalers, retailers, and consumers.
Know if a debit or credit increases or decrease the various accounts – b.
Hоgаrth's Gin Lаne shоws the dignity аnd hardwоrking nature of the poor in London's slums.
Employee Payroll Deductions – Fica taxes, medicare, federal income, state and local income, voluntary deduction

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