Accounting Basics

15. Which of the following would you expect to find in a cash (CFS) budget?
1. expected selling expenses
2. expected sales revenues
3. the number of products the company expects to sell
4. how much cash related to sales that the company expects to collect in the budget period – 4. how much cash related to sales that the company expects to collect in the budget period
net income/ average owners equity – Return on owners equity
-amount of profit earned for every 1 dollar invested by owners
Which of the following should not be included in the physical inventory of a company?
A. Goods held on consignment from another company.
B. Goods shipped on consignment to another company.
C. Goods in transit from another company shipped FOB shipping point.
D. None of these. – A
FA – Cash received from issuing common stock
Balance Column Account – Account with debit and credit columns for recording entries and another column for showing the balance of the account after each entry.
LIFO reserve – for a company using LIFO, the difference between inventory reported using LIFO and inventory using FIFO
balanced budget – ein ausgeglichener Haushalt
Janice met with the builder to choose kitchen cabinets for her new house. She must pick a type of wood, a color stain, and a door handle style. There are 5 types of wood, 6 color stains, and 12 door handle styles to choose from. How many options does Janice have?
MUTUAL AGENCY – THE ABILITY OF PARTNERS IN A PARTNERSHIP TO COMMIT OTHER PARTNERS AND THE BUSINESS TO A CONTRACT
The federal act which funds the administration of the federal and state unemployment compensation programs is: – FUTA (Federal Unemployment Tax Act)
Cash flow to sales – Operating Cash flow/ Net sales
A temporary owner's equity account in which the revenue earned from the sales of merchandise is entered would be: – Purchases
Jаnice met with the builder tо chооse kitchen cаbinets for her new house. She must pick а type of wood, a color stain, and a door handle style. There are 5 types of wood, 6 color stains, and 12 door handle styles to choose from. How many options does Janice have?
Creditor – One to whom money is owned.

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