Accounting 610 Chapter 1

Past Dated Check – check with future date
Accounting Period Principle – Economic activities are broken into periods.
Gain on plant assets – Revenue that results when a plant asset is sold for more than it's book value
Accumulated amortization – Накопленная амортизация
long term liabilities – éven túli kötelezettségek
Ledger – a group of accounts constitutes a/an
A flexible-budget variance is $800 favorable for unit-related costs. This indicates that costs were:
a. $800 more than the master budget
b. $800 less than for the planned level of activity
c. $800 more than standard for the achieved level of activity
d. $800 less than standard for the achieved level of activity – d. $800 less than standard for the achieved level of activity
Which of the following is an example of adverse impact discrimination?
manufacturing – change basic inputs into products sold to customers
Residual value – The estimated amount an entity would obtain from the disposal of an asset at the end of its useful life
Gross Earnings/Gross Pay. – Income before any deductions have been made.
Products costs – consists of manufacturing cost: Direct materials, direct labor, and factory overhead
Net Loss. – The difference between gross profit and expenses when expenses are larger.
expense – cost of goods or services that are used to operate a business; expenses decrease owners equity
Which оf the fоllоwing is аn exаmple of аdverse impact discrimination?
Net Income – Revenue – Expenses
International financial reporting standards (IFRS) – The effort to establish consistency in global financial reporting.
Debit Balance in Retained Earnings (Deficit) – arises when a corporation's lifetime losses and dividends exceed lifetime earnings (deficit)

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