Accounting Vocabulary Chps 1 3

management accounting – управленческий учет
entrepreneur – a person who transforms ideas for productsor services into real-world business
credit – the right side of an account.
y=a+bx: X – x=quantity (ie, activity level)
assets – resources owned by business
GAAP – general accepted accounting principles
A merchandiser using a perpetual system will require one additional adjusting entry to make the records agree with the actual inventory on hand.
A. True
B. False – TRUE
Actual OH < OH applied – overapplied (subtract from COGS)
When a company prices one product below normal cost until competitors are eliminated and then sharply increases the price, the company is practicing ______ pricing.
articulation – describes the interrelationships among the various elements of the financial statements
Business Ethics – use of ethics in making business decisions
When а cоmpаny prices оne prоduct below normаl cost until competitors are eliminated and then sharply increases the price, the company is practicing ______ pricing.
Basket Purchases of Assets – Several assets purchased in a group at one price. Total cost is allocated based on their market values
In preparing closing entries: – B. each expense account will be credited.

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