Accountingcentury 21

payee – party giving the credit
Classified balance sheet – A type of balance sheet that groups together accounts of similar nature and reports them in a few major classifications
Conceptual Framework for Financial Reporting: Third Level: The "_____ " – "How" implementation
Double-entry accounting – Accounting system in which each transaction affects at least two accounts and has at least one debit and one credit
Fundamental qualitative characteristics – relevant and faithfully represented to be useful.
Understandability – presented clearly and concisely
drawing – Wrote a check to the owner for their vacation: debit ________
expenses – costs associated with providing goods or services to a customer
Reasons for Unfavorable DM variance – -Inefficient
-Price of DM purchased is too high
-unrealistic standard of DM cost/unit
Present Value Tables – Used to determine the present value of a future cash flow
Which of the following is TRUE of the retina? SELECT ALL THAT APPLY
profit – when a business makes money
Owner's equity – The amount remaining after the value of all liabilities is subtracted
Work sheet – a working paper used to collect information from ledger accounts for use in completing end-of-fiscal-period work.
Certified Check. – A check that carries the guarantee of the bank that sufficient funds are available to pay the check when it is presented.
Which оf the fоllоwing is TRUE of the retinа? SELECT ALL THAT APPLY
Накопленные доходы – Accrued income

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