Cost Accounting Final

Current Liabilities – Debts that must be paid within one year.
Owner's Equity – The owner's "interest" in the business, the equivalent to assets minus liabilities.
appear as a charge on the accounts – als Belastung auf den Konten erscheinen
cash is NOT the same as income – …
fundamental accounting equation – The equation upon which all double-entry bookkeeping is based: Assets equal liabilities plus owners' equity
The payment of rent by cash is recorded – Debit rent expense and credit cash
expense recognition principle – The recognition of expenses is related to net changes in assets and earning revenues.
maturity date – the date on which the maker must repay the principal and make the final interest payment to the payee
Why does a student get an AA degree?
allowance for doubtful accounts (allowance for bad debts) – a contra account utilized to accumulate totals against accounts recievable
What type of fund is a debt service fund? – Governmental fund
CORPORATE GOVERNANCE – SYSTEM BY WHICH A COMPANY IS DIRECTED AND CONTROLLED.
Gross profit – A company's revenue minus its cost of goods sold
If a company has a degree of operating leverage of 2.0, that means a 20% increase in sales will result in a 40% increase in variable costs. – False:
If a company has a degree of operating leverage of 2.0, that means a 20% increase in sales will result in a 40% increase in operating income.
Stop payment order – an order by a depositor requesting a bank not to pay on a check previously issued.
Why dоes а student get аn AA degree?
Sales Invoice – an invoice used as a source document for recording a sale on account
current assets – cash/things that will turn to cash within one year
Revenue,Income Statement, Credit, Temporary – Sales Revenue
Financing Activities – Long-term Liabilities, Stockholder's equity

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