Accounting

endorsement – a signature or stamp on the back of a check, transferring ownership
unearned revenue – liability created by receiving cash in advance of providing the service
Sensitivity analysis is a "what-if" technique that managers use to examine how a result will change if the originally predicted data are not achieved or if an underlying assumption changes. – True
Extraordinary items – Gains or losses that are both infrequent and unusual
Journal – Act of entering transaction in Journal is called "Journalizing". Day by day listing of transactions, with the purpose: to provide a record of all transactions.
"Book of Original Entry".
Simplest form – "General Journal"
Posting – The process of transferring information from the journal to the ledger
activity reduction – decreasing the time and resources required by
an activity.
When a cell produces large quantities of protein to provide to the rest of its organism’s multicellular body, it secretes it from the cell through the process of ______.
Accounting – Is the process of identifying measuring, recording and communicating economic information to assist users to make decisions
After a budget is agreed upon and finalized by the management team, the amounts should not be changed for any reason. – False
reporting entities – Accounting reports are prepared for particular individuals or organizations called
If beginning inventory is $60,000, cost of goods purchased is $380,000, and ending inventory is $50,000, cost of goods sold is
A. $390,000.
B. $370,000.
C. $330,000.
D. $420,000. – A
What is GST not included in? – Wages, drawings, interest received/interest paid, loans received/loan repayment, receipts from debtors, payment to creditors and capital contribution.
Cost Principle – value of accounts are shown according to the actual costs, not the current value (which would include the expense of depreciation).
an asset is used to pay…. – what is owed
When а cell prоduces lаrge quаntities оf prоtein to provide to the rest of its organism’s multicellular body, it secretes it from the cell through the process of ______.
Members of firms that perform accounting services for other companies. – public accountants
Memo from bank as they take money from your account – Bank Debit memo

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