Accounting 1: Chapter 1 Century 21 9e

Accrued expenses – Expenses incurred but not yet paid in cash or recorded.
Purchases Allowance – Credit allowed for part of the purchase price of merchandise that is not returned, resulting in a decrease in the customer's accounts payable.
proprietorship – a business with a single owner.
If the selling price per unit is $20 and the contribution margin percentage is 30%, then the variable cost per unit must be $6. – False:
Then the variable cost per unit must be $14, [$20 – (.30 x $20)] = $14.
FASB – oversees the creation and governance of the accounting standards
chief accounting officer – Buchhaltungsvorsitzender
A person whose BMI is 29 would be classifed as: 
The left side of an account is: – C. The debit side
partnership – an unincorporated business form of consisting of two or more persons conducting business as co owners for profit
(cash flows) loans to others – investing activities (subtract)
A persоn whоse BMI is 29 wоuld be clаssifed аs: 
bear market – a market where stocks are falling
point-of-sale terminal – a computer used to collect, store, and report all the information of a sales transaction
Mark-up – The amount added to the cost of inventory/goods to covered expenses and desired profit.
Most responsible for internal control – CEO and CFO
Debit revenue, credit expense & revenue summary – What would be the closing entry to close the revenue account

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