Financial Accounting Equations

Indirect manufacturing costs:
a. can be traced to the product that created the costs
b. can be easily identified with the cost object
c. generally include the cost of material and the cost of labor
d. may include both variable and fixed costs – d. may include both variable and fixed costs
EPS – net income / average shares outstanding
Balance Sheet – Reports assets, liabilities, and stockholders' equity.
integrity – characteristic of honesty, including being forthright in dealing and communicating with others
What type of accounting provides the most accurate picture of a company's profitability? – Accrual
57. Retained earnings at the end of the year is calculated using:
A. Beginning retained earnings, net income, and dividends.
B. Common stock and dividends.
C. Stockholders' equity, net income, and dividends.
D. Net income and dividends. – A. Beginning retained earnings, net income, and dividends.
Internal transaction – Events that affect the financial postition of the company but do not include an exchange with a delerste economic entity. Inside company
account balance – The amount in an account
Assessing team performance should be seen as complementary to the assessment and recognition of individual performance and individuals' behaviors and skills that contribute to team performance.
impressive – hatásos(megnyerÅ‘)
entry – info for each transaction recorded in a journal
Bank Statement – A document that outlines all your transactions with the bank on a particular account.
Modem – A device used to transmit data through telephone lines.
Assessing teаm perfоrmаnce shоuld be seen аs cоmplementary to the assessment and recognition of individual performance and individuals' behaviors and skills that contribute to team performance.
Going concern – Is that the company will continue to exist for the foreseeable future
purchase of goods – operating costs, expenses
Order of Financial Statements – 1. Income Statement
2. Retained Earnings Statement
3. Balance Sheet
4. Statement of Cash Flows
#11. Which of the following accounts normally has a debit balance? – equipment

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