Century 21 Accounting Chapter 3

Auditors (role) – verify the effectiveness of internal controls
What type of liability includes events with uncertain outcomes? – Contingent Liabilities
11. A company breaks even in all of the following cases except
1. Its total cost exactly equals its total revenues
2. Its net income is zero
3. Its total revenues exactly equal its fixed costs
4. Its total contribution margin exactly equals its fixed costs – 3. Its total revenues exactly equal its fixed costs
General Ledger – A ledger containing all the transactions in the debit and credit accounts of a business.
Capitol – the account used to summarize the owner's equity in a business
average cost – computer for all inventory available for sale during the period
For questions 10 through 15:  Meghan, Nancy, Rob, and Angela are running for Rock, Paper, Scissors Club President with the following results:   11 9 10 9 1ST M A R N 2ND R R A A 3RD A N M M 4TH N M N R Who is the winner under plurality with elimination?
Special amount column – A journal amount column headed with an account title
Fiscal Year – An accounting year ending some other date than December 31st
capital reserve – tőketartalék
Plant asset age – The approximation of the age of plant assets, which is estimated by dividing accumulated depreciation by depreciation expense.
Fоr questiоns 10 thrоugh 15:  Meghаn, Nаncy, Rob, аnd Angela are running for Rock, Paper, Scissors Club President with the following results:   11 9 10 9 1ST M A R N 2ND R R A A 3RD A N M M 4TH N M N R Who is the winner under plurality with elimination?
Management accounting – field of accounting that provides the information for internal decision makers of organisations
to make a profit – делать выручку
Internal Users – Management and Employees
A standard is attainable through efficient operations but allows for normal disruptions such as machine breakdowns and defective production. – True
LIFO Reserve – companies who use LIFO are required to report the difference between LIFE and FIFO, necessary for comparing across companies, just add to LIFO ending inventory

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