Accounting ****

umpire – one who sees that a game like badminton or tennis is properly played
The variance that LEAST affects cost control is the;
a. flexible-budget variance
b. direct-material-price variance
c. sales-volume variance
d. direct manufacturing labor efficiency variance – c. sales-volume variance
sales return and allowances – minus income
Audit – an inspection of the accounting procedures and records by a trained accountant or CPA
Cost Of Goods Sold – When a product is shipped the total cost of manufacturing the product is expensed from inventory and recorded on that section of the income statement.
Contributed Capital – the amount of financing provided by owners of the business and earnings (contributed capital, retained earnings)
Earnings quality – Ability of current income to help us predict the future performance of a company
What is the difference between MAD and MSE?
Allowance Account – a contra-asset with a credit balance. When subtracted from Accounts Receivable, the difference net realize value represents an estimate of the cash value of accounts receivable
Sales (in dollars) needed to break-even – Sales=FC/CM ratio
Trial Balance – A proof of the equality of debits and credits in a general ledger.
proprietorship: – a business owned by one person
credit – Received payment for services on account: ________ accounts receivable
A synonym for fair wear and tear of a durable asset is – Depreciation
Whаt is the difference between MAD аnd MSE?
risk – something that exposes a business to a potential injury or loss

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