Accounting Unit 1

Inventory value: lifo vs fifo

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

GST Payable – GST owed to the ATO by the business.
General Amount Column – anything that doesn't go under a special amount column
PP&E – Property, Plant and Equipment
Net Income – Amount earned after subtracting all expenses necessary for and matched with sales for a period; also called income, profit, or earnings.
Commission – An amount paid to an employee based on a percentage of the employees sales.
Shrinkage: the difference between a physical count and recorded quantities – g.
Statement of Earnings or
Statement of Operations – what is the other name for the income statement
_______________ has the most important effect on blood flow.
external users – Persons using accounting information who are not directly involved in running the organization
Indirect Cost – Cannot be easily and conveniently traced to one product; These costs are incurred to support the manufacturing of ALL products; Manufacturing overhead and most period costs are indirect costs.
Job-order costing system – a costing system in which costs are collected
and assigned to units of production for each individual job.
Operating (Cash to Cash) Cycle – time it takes for a company to pay cash to its suppliers, sell goods and services to customers, and collect cash from customers
_______________ hаs the mоst impоrtаnt effect оn blood flow.
Accounting – An IS measures, processes and communicates economics information
Total Asset Turnover – =net sales/ average total assets. Provides information about a company's efficiency in using its assets

This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply