College Accounting Chapters 14

navigator – one who directs the course of a vessel on the sea
dividend – if business transfers some or all of its earned assets to owners
dividendos provisionales – interim dividends
Accounting – The processing and communication of financial information to enable economic decisions to be made.
general journal – a journal with two columns in which all kinds of entries can be recorded
OPERATING CYCLE – TIME SPAN DURING WHICH CASH IS PAID FOR GOODS AND SERVICES, WHICH ARE THEN SOLD TO CUSTOMERS FROM WHOM THE BUSINESS COLLECTS CASH
Chart of accounts – a list of all the accounts and their assigned account numbers, used in journalizing transactions.
Direct Costs – Costs that can be specifically identified with a particular project or activity.
Decreases in stockholders equity that are due to the cost of operating the business are:
A) assets
B) revenues
C) expenses
D) liabilities – C)Expenses
Format of Flexible Budget – Units Sold:
Sales
– Variable Costs:
Variable Product Costs
Variable Period Costs
= Contribution Margin
– All fixed costs
= Operating Income
A MAN is a network that
liquidation of a partnership – the process of paying a partnership's liabilities and distributing remaining assets to the partners
accelerated depreciation method – yeilds larger depreciation expenses in the early years of an assets like and less depriciation in later years
marketing costs – Marketingkosten
Corporations – Business is legally separated from its owners
Debit memorandum – a form prepared by the customer showing the price deduction taken by the customer for returns and allowances
Replacement cost – The current amount to purchase a similar item
A MAN is а netwоrk thаt
Companies report accounts receivable on the balance sheet at
A. cost.
B. cash (net) realizable value.
C. gross realizable value.
D. face value. – B
Return on Equity – Net Income/ Average stockholders equity

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