Funeral Service Accounting

Adjusting: Bad debt expense (debit) – Allowance for doubtful accounts (credit) *decreases net income and SE
accounting system – a system designed to collect, document, and report on business transactions
expenses – outflows or other using-up of assets or incurrences of liabilities during a period from delivering or producing goods, rendering services, or carrying out other activities that constitute the entity's ongoing major or central operations
FIFO First-in, First-out Method – Assumes that the first goods purchased are the first goods sold.
Purchase of office supplies on credit is recorded by – Debit office supplies and credit accounts payable
Purchases journal – Credit purchases of inventory
to extend operations – расширять список операций
Felicity Corporation manufactures a specialty line of dresses using a job-order cost system. During January, the following costs were incurred in completing job J-1: Direct materials $27,400 Direct labor 9,600 Administrative costs 2,800 Selling costs 11,200 Overhead was applied at the rate of $50 per direct labor hour, and job J-1 required 400 direct labor hours. If job J-1 resulted in 4,000 good dresses, the cost of goods sold per unit is: A. $9.25 B.$14.25   C.$14.95 D.$17.75  
Pain in Capital – Amount invested by owners
Дипломированный бухгалтер – Chartered certified accountant
Absorption Costing – A costing method that includes all manufacturing costs- direct materials, direct labor, and both variable and fixed manufacturing overhead – in the cost of a product.
Debit cash; credit accounts receivable – If a funeral director receives payment from a client who had purchased a service on a 30 day account, he would make which of the following entries in his journal
Stock Split Effects – No effect on assets, liabilities or stockholders' equity
Felicity Cоrpоrаtiоn mаnufаctures a specialty line of dresses using a job-order cost system. During January, the following costs were incurred in completing job J-1: Direct materials $27,400 Direct labor 9,600 Administrative costs 2,800 Selling costs 11,200 Overhead was applied at the rate of $50 per direct labor hour, and job J-1 required 400 direct labor hours. If job J-1 resulted in 4,000 good dresses, the cost of goods sold per unit is: A. $9.25 B.$14.25   C.$14.95 D.$17.75  
For variable manufacturing overhead, there is no:
a. spending variance
b. efficiency variance
c. flexible-budget variance
d. production-volume variance – d. production-volume variance
Income Statement – The financial statement that reports the "bottom line" for a business.
Liability – a future economic sacrifice an entity is presently obliged to make as a result of a past transaction.
service business – a business that performs an activity for a fee

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