Chapter 1 Introduction To Accounting

The normal balance of the Dividends account is a _______ because it decreases _______. – debit stockholders' equity
CMA – Certified Management Accountant
On January 14, Franco Industries purchased supplies of $500 on account. The entry to record the purchase will include: – A. A debit to Supplies and a credit to Accounts payable.
petty cash – An amount of cash kept on hand and used for making small payments.
Accounting is a system for providing financial information. List 2 principle elements – -Financial Accounting
-Managerial Accounting
Book value – This value is the difference between an asset and accumulated depreciation..
Long-Term Assets – All assets that will not be converted to cash or used up within the business's operating cycle or one year, whichever is greater.
electronic funds transfer – a computerized cash payments system that transfers funds without the use of checks, currency, or other paper documents
A researcher is recording the process of bacteria cell division using time-lapse microscopy. Which of the following processes would she be observing in the bacteria?
Accounting – -The language of business
-Process of identifying, measuring and communicating economic information to various users
FIFO effects – attracts investors, increases income, increases taxes, decreases cash flow
DEBIT Accounts Receivable and CREDIT Sales Revenue for 780 – Giovanni Company buys merchandise on account from Gordon Company. The selling price of the goods is $780, and the cost of the goods is $560. RECORD CREDIT SALE.
Owner's equity = $30,000, net income = $2,000 – at the end of the month, a funeral home's assets totaled $50,000; the liabilities totaled $20,000; revenue for the month totaled $6,000; and the total of the expenses amounted to $4,000.
A reseаrcher is recоrding the prоcess оf bаcteriа cell division using time-lapse microscopy. Which of the following processes would she be observing in the bacteria?
operating – development, production, distribution and sales of services and/or products
(normal/repetitive revenue and expense transactions associated with the business)
Managerial accounting information – Managerial accounting information is information that is used by managers to plan the running of a business. This information is used for planning purposes, implementation and control. Managers must plan for the future operation of the business. Managers must also implement these plans. They must also exercise control over the business and its employees.
Program income – Gross income earned by the recipient that is directly generated by a supported activity or earned as a result of the award.

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