Accountingcentury 21

Interest Coverage Ratio – EBIT/Interest Expense
IAS2 Inventories – * Requires inventories are valued at the lower of cost and net realisable value
* COST – purchase price + any costs incurred to bring product to where it is
* NRV – estimated selling price – costs necessary to bring product into a selling condition
The BEST way to avoid misidentification of relevant costs is to focus on:
a. expected future costs that differ among the alternatives
b. historical costs
c. unit fixed costs
d. total unit costs – a. expected future costs that differ among the alternatives
Responded in a timely manner to – Оперативно отвечала на
expense – the outflow of assets or an increase of liabilities from business operations
restrictive endorsement – An endorsement found on the back of a check restricting further transfer of a check's ownership
public company accounting oversight board – group charged with determining auditing standards and reviewing the performance of auditing firms
All options ensure that your emails are CAN-SPAM compliant except for:
Schedule of accounts receivable – A listing of customer accounts, account balances, and total amount due from all customers
chart of accounts – a numbering system of accounts that lists the account titles and acccount numbers to be used by the company
Indirect Materials – The cost of material to make one product is not cost beneficial to determine and is considered a part of manufacturing overhead
closing process – The process of giving zero balances to the temporary accounts so that they can accumulate information for the next accounting period.
Define Revenue – Revenue is earnings of a business generated by selling products or providing services over a period of time.
false – To record the sale of goods for cash in a perpetual inventory system two journal entries are necessary: one to record the receipt of cash and reduction of inventory, and one to record the cost of goods sold and sales revenue.
All оptiоns ensure thаt yоur emаils аre CAN-SPAM compliant except for:
f. – Sales allowances: refer to reductions in the selling price of merchandise sold to customers, often involving damaged or defective merchandise that a customer is willing to purchase with a decrease in the selling price.

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