Accounting Final Exam Review

source document – A business paper from which information is obtained for a journal entry
statement of stockholders equity …. – reports the way that net income and the distribution of dividends affected the financial position of the company during the accounting period
"Pretax Margin" Classify, Calculate, and Interpret – Operating Profitability Ratios

= [ EBT / Revenue ]

How much interest expense affects earnings

Contra revenue account – An account that is offset against a revenue account on the income statement.
generally accepted accounting principles (GAAP) – General-purpose standards intended to be equally useful for all user groups.
Posting – transferring information from a journal entry to a ledger account
Treasury stock – Corporations repurchase of its outstanding common stock
# of days in year/ accounts receivable turnover – # days in collection period
-how long it takes to collect average accounts receivable
Limited liability company – A business organization in which the business (not the owner) is liable for the company's debts.
Quick Assets / Current Liabilities – = Acid test Ration
Which of the following is the mildest consequence of traumatic brain injury?
Units of Production Method – ((total cost-residual value)/estimated total units of resource available); (units extracted x cost per unit)
GAAP? – ( Generally Accepted Accounting Principles)
Revenues – Something you earn. Amounts carried from sale of product
41. The financial statement that represents activity over the entire life of the company is the:
A. Income statement.
B. Statement of financial accounting.
C. Balance sheet.
D. Statement of cash flows. – C. Balance sheet.
Account Number – The number given to an account
The financial statements most frequently provided include all of the following except the

A. balance sheet.
B.statement of retained earnings.
C. income statement.
D. statement of cash flows. – B.statement of retained earnings.

Which оf the fоllоwing is the mildest consequence of trаumаtic brаin injury?
Purchase Requisition – A list sent to the purchasing department showing the items to be ordered.
Merchandise inventory 150
Cash 150 – Journal Entry: Buyer pays Haul-It $150 to ship stereo equipment how does he account for this
Sales journal – Credit sales of inventory
order of set up on trial balance sheet – ALCRWE (assets, liabilities, capital, revenue, withdrawals, expenses)

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