Cost Accounting Final

revenue recognition principle – recognized revenue when earned; principle
Accounts Payable – a short-term liability that will be pain in the future
depreciation – a cost allocation process used to allocate the acquisition cots to the periods benefited by the assets' use
sales journal – a special journal used to record only sales of merchandise on account
Accounting Cycle – To identify, analyze record, and summarize transactions.
Purchase invoice – A document that supports each credit purchase.
Fundamental qualitative characteristics of financial information – Relevance and faithful representation
When recording depreciation does the cash lost from the sale of the equipment go on the debit or credit side? – debit
Gross Profit Percentage. – Gross profit divided by net sales.
business entity – The accounting assumption that a business exists indepently of its owners personal holdings. The accounting records amd reports are maintained separatly and contain financial information related only to the business
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account form – The form of balance sheet that resembles the basic format of the accounting equation, with assets on the left side and Liabilities and Stockholders' Equity sections on the right side.
F.I.C.A. refers to – Social security
lecturer – One who gives lectures as a teacher in a higher institution of learning.
withdrawals – subdivision of of owner's equity that records money or other assets an owner withdraws from a business for personal use never for company purpose
How much did the company pay to purchase property and equipment during the year ended December 31, 2002? – 2002 Cash Flow Statement
In classifying the elements of financial statements, the primary distinction between revenues and gains is – the nature of the activities that gave rise to the transactions involved
account title – the name given to an account.
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traceable FC – manager salary, maintenance for building, insurance
Which of the following control activities is relevant when a company uses a computerized (rather than manual) accounting system?
A. Establishment of responsibility.
B. Segregation of Duties.
C. Independent internal verification.
D. All of these control activities are relevant to a computerized system. – D
Issued shares – the number of shares the company has ever issued
liability – an amount owned by a business

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