Accounting ****

Maintaining a separate account for sales discounts provides business managers with information to evaluate whether a sales discount is a cost-effective method. – True
debit card – a bank card that, when making purchases, automatically deducts the amount of purchase from the checking account of the cardholder
5 stockholders' equities – common stock, retained earnings, dividends, revenues, expenses
creditor – buys the bond and records an investment
beginning work-in-process – consists of work done on partially
completed units that represents prior-period work with the
costs assigned to them being prior-period costs. Uses two approaches
for dealing with the prior-period output and costs found in BWIP:
the weighted average method and the FIFOmethod.
Credit Card Expense – Normal Balance: Debit
Type of Account: Expense
Financial Statement: IS
Matching – deferring the expense recognition provides more accurate
accounts payable ledger – a subsidiary ledger containing only account for vendors from whom merchandise or other items are purchase on account
Which of the following costs should not be recorded as an expense? 
VOUCHER REGISTER – Accounting dept. matches forms & completes a voucher summary.
Bookkeeper records the voucher in a
inventory – a tangible asset that is held for resale in the normal course of operations
Big 4 – KPMG, PWC, Deliotte, Ernest & Young
Net Loss – Occurs when expenses exceed revenues. Net loss decreases equity.
Lenders – Persons or organisations that permit the temporary use of money
Which оf the fоllоwing costs should not be recorded аs аn expense? 
Electric funds transfer – A computerized ash payments system that transfers funds without the use of checks, currency, or other paper document
costo de reposición – replacement cost
There are three types of footnotes: – 1) provides a description of the accounting rules followed

2) provides more details for the items listed on the financial statements

3) provides information on things not listed on the financial statements

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