Ch4 The Accounting Cycle

Break even in Dollars – Fixed Costs / Cont Marg Ratio
Opportunity cost – Maximum benefit that could be obtained from using resource for alternative use
depreciation per unit – subtract the assets salvage value from its total cost and the dividing by the total number of units expected to
Long-term assets: Natural Resources – Timber and oil. Less accumulated depletion
Unearned revenue – Liability created when customers pay in advance of products or services to be provided later; earned when the products or services are later delivered.
Does the issuing of stock dividends result in a decrease of retained earning? – Yes
S corporation – A type of corporation in which profits are taxed in the same manner as those of a partnership, avoiding double taxation
TRUE OR FALSE: Despite his insights, Erasmus Darwin came up short of a full blown theory of evolution by natural selection.
Revenue,Income Statement, Credit, Temporary – Fees Earned
10. – Know how to calculate the various ratios (formulas will be provided) and understand their indications:
annuity – series of equal periodic payments or receipts
long-term investments – generally, (1) investments in stocks and bonds of other corporations that companies hold for more than one year; (2) long-term assets, such as land and buildings, not currently being used in the company's operations; and (3) long-term notes receivable
what is the order of financial statements usually? – income statement, statement of retained earnings, balance sheet, and cash flows
Travelling allowance – Суточные
Checks – For cash payments, prenumbered, prepare stubs first (C)
TRUE OR FALSE: Despite his insights, Erаsmus Dаrwin cаme up shоrt оf a full blоwn theory of evolution by natural selection.
investing activities – involve spending a company's capital in ways that will help it achieve its goals. They include buying the resources needed to operate the business, such as land, buildings, and equipment, and selling those resources when they are no longer needed
Management accounting – the type of accounting that foucuses on reporting info to management:often referred to as accounting for internal users of accounting info.
financial statement – Reports that summarize financial data over a period of time balance sheet income statement

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