Financial Accounting Ch 5

An entry on the credit side of a liability account indicates that the account has been – Increased
The income statement covers a defined period of time – a defined period of time
resultado de las operaciones que continúan – income or loss from continuing operations
For January, the cost components of a picture frame include $0.35 for the glass, $.65 for the wooden frame, and $0.80 for assembly. The assembly desk and tools cost $400. 1,000 frames are expected to be produced in the coming year. What cost function best represents these costs?
a. y = 1.80 + 400X
b. y = 400 +1.80X
c. y = 2.20 + 1,000X
d. y = 1.00 + 400X – b. y = 400 +1.80X
ledger – the book of accounts and their balances.
What is a Monetary Unit Principle? – Must use a common unit of measurement.
Allergies are when your immune system:
t-account – an accounting tool used to analyze a business transaction
Liablities – Balance Sheet
classified as current or long-term
Straight-line depreciation – Allocates EQUAL AMOUNTS of the assets over their expected useful lives.
Allergies аre when yоur immune system:
carrying value – also known as the book value
Adjusting entries – Корректирующие проводки
b. – Know if a debit or credit increases or decrease the various accounts

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