Account

#30. Which of the following will not cause a change in the owner's equity of a business? – payment of a business debt
Units of production – Depreciation amount varies in proportion to the change in level of activity
To record the sale of goods for cash in a perpetual inventory system
A. only one journal entry is necessary to record cost of goods sold and reduction of inventory.
B. only one journal entry is necessary to record the receipt of cash and the sales revenue.
C. two journal entries are necessary: one to record the receipt of cash and sales revenue, and one to record the cost of goods sold and reduction of inventory.
D. 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. – C
Creditors – claims to resources
Current Dividend Preference – Is the feature of preferred stock that grants priority on preferred dividends over common dividends.
outstanding deposits – deposits made and recorded in the checkbook but do not appear on the bank statement
CURRENT ASSETS – ASSETS THAT ARE EXPECTED TO BE CONVERTED TO CASH, SOLD OR USED UP DURING THE NEXT 12 MONTHS, OR WITHIN THE BUSINESS'S NORMAL OPERATING CYCLE IF THE CYCLE IS LONGER THAN A YEAR (UNCOMMON)
Natural business year – Twelve-month period that ends when a company's sales activities are at their lowest point
expense – outflows or the using up of assets or increases in liabilities from ongoing operations incurred to generate revenues during the period.
Nap time is counted in the number of practicum hours a student completes.
Sole Proprietor disadvantages – °Unlimited liability; personal assets may be used to pay off business debts because the business is not a separate legal entity
Operating efficiency – Gross operating profit / Total revenue
Depreciation/Depletion – " matching" costs of using tangible assets to the periods revenue is expected to be generated from their use.
fecha de vencimiento para el ingreso del impuesto – tax payment deadline
At any time – A profit & loss statement can be prepared
OIF borrowing or repaying banks – financing effect
Nаp time is cоunted in the number оf prаcticum hоurs а student completes.
A company reports a debit balance in Cash Over and Short as a(n)
A. liability.
B. miscellaneous expense.
C. miscellaneous revenue.
D. asset. – B
False – When cash is paid for expenses the business has more equity

This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply