C4 Classify Accounts

Stockholders – The owners of a corporation; also called shareholders.
SG&A Ratio – SG&A Expense/Sales
A synonym for fair wear and tear of a durable asset is – Depreciation
Stock ledger – A file of stock records for all merchandise on hand
Average Collection Period – 365 / Accounts Receivable Turnover
Deferred income – Income received but not yet earned is
Markup – The amount added to the cost of merchandise to establish selling price.
Liquidity – ability to pay debts when they come due in the short-term
Which of the following documents provided a rationale for the Declaration of Independence?
cash – Checking acct
money orders
pretty cash funds
previsión para desvalorización de xx – allowance for impairment of xx
Which оf the fоllоwing documents provided а rаtionаle for the Declaration of Independence?
Par Value – A value assigned to a share of stock and printed on the stock certificate
Under the LCM approach market value is defined as
A. FIFO cost.
B. LIFO cost.
C. current replacement cost.
D. selling price. – C
Operating Cycle (cash to cash) – The process of taking cash to inventory then selling the inventory creating a receivable and then back to cash.
Accounts payable – This type of account represents the amount that a company owes to its suppliers (vendors) for goods purchased or services received on credit and are considered a current liability.

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