Cost Accounting Final

credit balance – normal balance of liability,owner's equity and revenue accounts
Revenue recognition principle – The principle prescribing that revenue is recognized when earned
Raw materials – Basic goods that will be used in production but have not yet been placed in production.
Entries to expenses such as rent expense are usually – Debits
Correcting Entry – a journal entry made to correct an error in the ledger
purchase requisition – A form to be completed by individuals within a business to request that items or services be purchased.
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Unacceptable units of production that are discarded or sold for reduced prices are referred to as:
a. reworked units
b. spoilage
c. scrap
d. defective units – b. spoilage
Capital Expenditure – The cost of an asset (land, building, equipment), including the cost to put it in place. If for equipment, it includes the net invoice price and the cost of any modifications, attachments, accessories, or auxiliary apparatus to make it
usable for the purpose for which it was acquired.
Few internal control systems provide for independent internal verification.
A. True
B. False – FALSE
Career opportunities in accounting – Public/private accounting, governmental and non-for-profit accounting
Blank Endorsement – An endorsement consisting only of the endorser's signature.
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revenue recognition principle – when a company must recognize revenue when 1. recognized when received, 2. proceeds from selling service/product does not matter if not paid in cash at the moment and 3. revenue recognized by the value paid for
*rent revenue* – Money received for rent.
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