Fin: Ch 1: Accounting Information For Decision Making

amount of money available that could be used for small purchases – petty cash
If there was no beginning work in process and no ending work in process under the weighted-average process costing method, the number of equivalent units for direct materials, if direct materials were added at the start of the process, would be:
a. equal to the units started or transferred in
b. equal to the units completed
c. less than the units completed
d. Both a and b are correct. – d. Both a and b are correct.
Intangible Asset – Intellectual property. Patent, trademark, copyrights, business methodologies
Ethics – the principles of right and wrong that guide an individual in making decisions.
Net Profit – is the difference between the gross profit and operating expenses.
Payment of Cash Dividend Effects – Decrease assets
Decrease liabilities
No effect on stockholders' equity
notes payable – when account payable is being converted we debit account payable (reducing it) then credit note payable for that amount
Face Value – The principal amount of the bond as stated on the bond certificate. This is also referred to as the Par Value.
Outstanding shares – the number of shares currently in existence
Issued shares – Treasury shares
Which is one of the oldest, biggest and best Paleolithic caves with painted walls?
Age of inventory – measures the average time required to sell inventory. Calculation: 365 days divided by Inventory Turnover
Profit determined periodically by revenue VS expenses, the records are considered – Temporary
Accrual-Basis Accounting – Accounting basis in which companies record transactions that change a company's financial statements in the periods in which the events occur.
Going Concern – It is assumed that business will continue for several accounting periods into the future (life of the business is indefinite).
Selling Expense – costs of shipping finished goods to customer
formula for declining balance depreciation – Book value x rate
income from operations – Expenses related to operating the entity
Which is оne оf the оldest, biggest аnd best Pаleolithic cаves with painted walls?
Petty Cash Slip – shows proof of payment

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