College Accounting Chapters 14

Gains – Are increases in assets or decreases in liabilities from peripheral transactions.
Ledger – The entire group of accounts maintained by a company
A decrease in owners equity resulting from a business transaction is a/an – Expense
net loss – The difference between total revenue and total expenses when total expenses are greater
Generally accepted accounting principles are: – B. Standards that indicate how to report economic events
General Journal – Journal used by merchandising business to record all transactions that are not recorded in another special journal and all adjusting and closing entries.
liabilities – What the business owes to others (debts)
A warranty deed provides the most protection against defects of title.
state unemployment taxes – SUTA – State payroll taxes on employers to support its unemployment programs
permanent or real accounts – accounts whose balances are carried over to the next accounting period- assets, liabilities, capital
An unfavorable price variance for direct materials might indicate:
a. that the purchasing manager purchased in smaller quantities due to a change to just-in-time inventory methods
b. congestion due to scheduling problems
c. that the purchasing manager skillfully negotiated a better purchase price
d. that the market had an unexpected oversupply of those materials – a. that the purchasing manager purchased in smaller quantities due to a change to just-in-time inventory methods
book value – the difference between the cost of a depreciable asset and its related accumulated depreciation
Securities act of 1933 – Securities and Exchange Commission given broad powers to determine measurement rules for financial statements
A wаrrаnty deed prоvides the mоst prоtection аgainst defects of title.
Award – Financial assistance that provides support or stimulation to accomplish a public purpose.
Income Statement – A statement that reports income for a particular time period.
Debit Memorandum – the document a buyer issues to inform the seller of a debit made to the seller's account in the buyer's records
AICPA – American Institute of Certified Public Accountants

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