College Accounting Chapters 14

ratio – hányados, arányszám
management accounting – the branch of accounting concerned with providing management with information to facilitate the planning and control functions
E.O.M. – The abbreviation for end of the month.
3 steps to a trial balance – 1) list each account title and it's amount (from the ledger) in the trial balance column
2) compute the total debit balances and the total credit balances
3)verify (prove) total debit balances equal to total credit balances
Assets – Resources a business owns or controls that are expected to provide current and future benefits to the business. (p.22)
payroll register – a business formed used to record payroll information
Leonard is the production manager at a food processing plant. Part of his job is to ensure that all food used by the plant in the manufacturing of its products is of the highest quality. As such, Leonard has the authority to refuse any shipment from a supplier that he feels is below his company s standards. This is an example of ______.
In accounting for scrap, which one of the following statements is FALSE?
a. Normal scrap is accounted for separately from abnormal scrap
b. In accounting for scrap, there is no distinction between the scrap attributable to a specific job and scrap common to all jobs
c. Initial entries to scrap accounting records are most often made in dollar terms
d. All of these answers are correct. – d. All of these answers are correct.
Which of the following expressions is incorrect?
A. Gross profit less Operating expenses equals Net income.
B. Sales less Cost of goods sold less Operating expenses equals Net income.
C. Net income plus Operating expenses equals Gross profit.
D. Operating expenses less Cost of goods sold equals Gross profit. – D
bonds payable – represent an obligation of issuing corp. to pay a sum of $ at maturity date + periodic interest
Leоnаrd is the prоductiоn mаnаger at a food processing plant. Part of his job is to ensure that all food used by the plant in the manufacturing of its products is of the highest quality. As such, Leonard has the authority to refuse any shipment from a supplier that he feels is below his company s standards. This is an example of ______.
Drawer – The person who orders the bank to make payment of a financial instrument is properly termed a

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