Accounts

End Retained Earnings – Beginning retained earnings + net income – dividends
High Operating Leverage – -capital intensive
-high FC, low VC
-high CM ratio
-Income is more sensitive to changes in sales volume
Salary payable (Payroll Liability) – This represents amounts of future cash payments to employees for work that has already been performed.
perpetual inventory system – a detailed inventory system in which a company maintains the cost of each inventory item, and the records continuously show the inventory that should be on hand
Income earned by not received is called: – Accounts Receivable
Financial reporting: why are companies needed to provide such information? – Because of authoritative pronouncement, regulatory rule, or custom, and management wishes to disclose it voluntarily.
debits (2) – decreases to liabilities, revenue and capital
Carlos Company had beginning inventory of $80,000, ending inventory of $110,000, cost of goods sold of $285,000, and sales of $475,000. Carlos's days in inventory is
A. 73 days.
B. 121.7 days.
C. 102.5 days.
D. 84.5 days. – B
A work team that works to accomplish tasks that require people with specialized training and a high degree of coordination is called a(n) _____.
Units of Production Method – (Cost- Salvage Value/Useful life in Units)*Units Produced
Effective Interest Method of Amortization – The process of transferring a portion of the premium or discount to interest expense.
LIMITED LIABILITY COMPANY (LLC) – COMPANY IN WHICH EACH PARTNER IS ONLY LIABLE FOR HIS OR HER OWN ACTIONS OR THOSE UNDER HIS OR HER CONTROL
Dishonored check – A check that a bank refuses to pay
operaciones de pase – repo transactions
what is an Accounting system – methods and procedures that
Collect, Classify Sccounts, summarizes info and data, and reports
A businesses financial and operating information
The accounting equation can be expressed as – Assets – Liabilities = Owners Equity
A wоrk teаm thаt wоrks tо аccomplish tasks that require people with specialized training and a high degree of coordination is called a(n) _____.
Drawer – a person who signs a check or draft ordering payment to be made is called the
If Option 1 costs $100 and Option 2 costs $80, then the differential cost is $180. – False:
If Option 1 costs $100 and Option 2 costs $80, then the differential cost is $20.

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