Uil Accounting

Under the weighted-average method, the costs of normal spoilage are added to the costs of their related good units. Hence, the cost per good unit completed and transferred out equals the total costs transferred out divided by the number of good units produced. – True
What is the value needed by maturity date called? – Maturity Value
If liabilities increase $200,000 during a given period and stockholders' equity decreases $65,000 during the same period, assets must: – increase $135,000.
Stockholders – The owners of a corporation; also called shareholders.
flight attendant – One who serves passengers on an aeroplane.
Financial accounting – designed to meet the needs of external users.
liability – an economic obligation (debt) payable to an individual or an organization outside the business.
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This journal is used to record a purchase on account – Purchase journal
EBIT – Earnings Before Interest and Taxes
IFRS (International Financial Reporting Standards) – identify preferred accounting practices
Vendor – a business form which merchandise is purchases or supplies or other assets are bought
8. An audit of a company's financial statements requires that the auditor
1. use deductive logic because the auditor must form an opinion after looking at all of the company's transactions for the time period represented on the company's financial statements
2. use deductive logic because the auditor must make a judgment about the company's financial statements after sampling the company's transactions for the time period represented on the company's financial statements
3. use inductive logic because the auditor must form an opinion about the company's financial statements after looking at all of the company's transactions for the time period represented on the company's financial statements
4. use inductive logic because the auditor must make a judgment about the company's financial statements after sampling the company's transactions for the time period represented on the company's financial statements – 4. use inductive logic because the auditor must make a judgment about the company's financial statements after sampling the company's transactions for the time period represented on the company's financial statements
contra account – An account that reduces a related account on a financial statement.
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dividends – Distributions to shareholders as a return on their investment.
**ON EXAM**
When using a worksheet, adjusting entries are journalized – C. after the worksheet is completed and after financial statements have been prepared.

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