Financial Accounting Ratios

Right Side of Account – credit, left side is debit
False – T or F: When cash is paid for expenses, the business has more equity.
Under LIFO, companies obtain the cost of the ending inventory by taking the cost of the most recently purchased goods and working backward until all the units have been costed.
A. True
B. False – FALSE
Retained earnings statement – summarizes the changes in retained earnings that have occurred for a specific period of time
outstanding stock – the number of shares held by investors excludes treasury shares
Current cost – amount would pay to acquire the asset today (replacement cost)
The sales and collection process is the point of contact between the firm and which set of external business partners?
Sarbanes-Oxley Act (SOX) – Created the Public Company Accounting Overt Board, regulates analyst conflicts, imposes corporate governance requirements, enhances accounting and control disclosures, impacts insider transactions and executive loans, establishes new types of criminal conduct,and expands penalties for violations of federal securities laws.
Bank charges – Fees a bank charges for having an account with them
file maintenance – procedure for arranging accounts in a general ledger, assigning account numbers, and keeping records current
capital stock – Total shares of ownership in a corporation
The sаles аnd cоllectiоn prоcess is the point of contаct between the firm and which set of external business partners?
cargo por impuesto a las ganancias – income tax expense

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