Accounting: Debits & Credits

Deferral Adjustments – an expense or revenue has been deferred if we have postponed reporting it on the income statement until a later period
A company purchased office supplies for cash. This transaction increased assets and – decreased assets
Outstanding Checks – Checks that have been recorded in the cash payments journal but have not yet been paid by the bank.
two constraints – The materiality constraint – The cost-benefit constraint
Component Percentage – The percentage relationship between one financial statement item and the total that includes that item
Understating ending inventory will overstate
A. assets.
B. cost of goods sold.
C. net income.
D. Stockholders' equity. – B
mediator – One who settles a dispute between two people.
sales revenue – credit balance, income statement, temporary, Revenue
File Maintenance – Procedure that includes keeping records current
Calculating a regression equation for a given set of data identifies the specific values of _____.
Percentage of Credit Sales Method – Bases bad debt expenses on the historical percentage of credit sales that result in bad debts.
Stockholder's Equity – Represents the claims of the owners of a corporation to the assets of the business.
Balance Sheet – a financial statement that reports assets, liabilities, and owner's equity on a specific date
Outstanding checks – checks issued and recorded by a company that have not been paid by the bank.
Cаlculаting а regressiоn equatiоn fоr a given set of data identifies the specific values of _____.
stockholder's equity – The amount accruing to the corporation's owners.
hostile takeover – a company or person that tries to buy a controlling amount of stocks in a company in order to control it. usually not good for company
All of the following are needed to prepare a flexible budget EXCEPT determining the:
a. budgeted variable cost per output unit
b. budgeted fixed costs
c. actual selling price per unit
d. actual quantity of output units – c. actual selling price per unit
Unqualified, Adverse, Qualified, Disclaimer – What are the types of Audit Opinions? (4)
Об-во по долгам – Liability for debts

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