Variable cost – a cost that varies, in total, in direct proportion to changes in the level of activity. A variable cost is constant per unit.
Action First. Dollar later. – Accrual
Non-Current Assets – things that are not reduce to cash in one year.
Relevance – The capacity of accounting information to make a difference in decisions
Accounting standards update (ASU) – A transient document which communicates the details of specific amendments to the FASB codification. Explains the Boards decisions
reasons for issuing stock dividends – -decrease market value
-small stock dividend reduce retained earnings= market value
proprietorship – 1 owner (70% of businesses)
For cash and credit card sales, the asset account Cash is debited for the total of sales and sales tax, but the revenue account Sales is credited only for the total of sales. – True
asset – resource of a business
Profit margin – Ratio of a company's net income to its net sales; the percent of income in each dollar of revenue; also called net profit margin
Pound-for-pound infants need ___________ calories as adults because 25% of their caloric intake is devoted to growth.
What is accounting? – Planning, recording, analyzing, and interpreting financial information.
Interest – A charge made for the use of money
Pоund-fоr-pоund infаnts need ___________ cаlories аs adults because 25% of their caloric intake is devoted to growth.
retail merchandising business – a merchandising business that sells to those who use or consume the goods
Amortization – The title of the expense associated with intangibles. For an intangible, amortization decreases both assets and equity exactly as depreciation does for equipment and building

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