Financial And Managerial Accounting Chapter 1 Terms

Debtor. – The business or individual who owes a debt.
With traditional costing systems, products manufactured in small batches and in small annual volumes may be __________ because batch-related and product-sustaining costs are assigned using unit-related drivers.
a. overcosted
b. fairly costed
c. undercosted
d. ignored – c. undercosted
property, plant and equipment – tangible long-lived assets used in the regular operations of the business
Expense, Income Statement, Debit, Temporary – Depreciation Expense
Delivery equipment( net) – Property and equipment
cost driver – a factor, such as machine-hours, beds, occupied, computer time, r flight-hours, that causes overhead costs.
Account – Record summarizing all the info pertaining to a single item in the accounting equation
Income purpose test – Must be an expense for the purpose of gaining
code of conduct – A statement that quides the ethical behavior of a company and its employees
__________ sediment comes from space.
average cost per unit – durchschnittliche Stückkosten
Debtors or accounts receiveable – Sell goods or services to a third party on credit terms
The sale of receivables by a business
A. indicates that the business is in financial difficulty.
B. is generally the major revenue item on its income statement.
C. is an indication that the business is owned by a factor.
D. can be a quick way to generate cash for operating needs. – D
Balance sheet – lists the assets and the corresponding claims on those assets as of a particular date
__________ sediment cоmes frоm spаce.
loss – businesses that spend more money then they earn.

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