Accounting Unit 2

#3. The amount of total assets at the end of the year would equal to – add liabilities + retained earnings + common stock.
Rules of posting – All general amounts get posted individually, special amount columns get posted at the end of the month ONLY, account balances are calculated & normal balances are updated
If beginning inventory is $60,000, cost of goods purchased is $380,000, and ending inventory is $50,000, cost of goods sold is
A. $390,000.
B. $370,000.
C. $330,000.
D. $420,000. – A
Non Cash: Gain on sale of assets will – decrease
Matching Principle (one of the accounting principles) – prescribes that a company must record its expenses incurred to generate the revenue reported.
Accounting Entity – The business's activities must be kept separate from the owner's activities/private affairs.
Decrease in current liability – decrease
Batch Report – A report of credit card sales produces by a point-of-sale terminal.
revenues – increases in owners equity as a result of selling services or products to customers
How many liters of soft drink are there in 5.25 qt?
revenue – the amount the company has earned from providing goods or services
cost of merchandise sold – the total original price of all merchandise sold during a fiscal period
The sales forecast is influenced by:
a. advertising and sales promotions
b. competition
c. general economic conditions
d. All of these answers are correct. – d. All of these answers are correct.
Service – An intangible product that one pays for
Hоw mаny liters оf sоft drink аre there in 5.25 qt?
activar costos de endeudamiento – to capitalize borrowing costs
dividends – distribution's to shareholders, can be cash or additional shares of stock
List 6 Enhancing Characteristics – Comparability
Consistency
Verifiability
Timeliness
Understandability
Cost-benefit

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