Accounting Basics

the exchange of stock for land would be reportend on the statement of cash flows under – non cash investing and financing activities
Cooperative Agreement – A financial assistance mechanism used when substantial Federal programmatic involvement with the recipient during performance is anticipated.
The total selling prices of all the goods that the company sold during the year – Revenues
paid in capital – the amount of stockholders' equity that stockholders have contributed to the corporation.
Office Supplies – …Is a Debit balance account.
When prepaid insurance has been used, the following adjustment will be necessary – Increase insurance expense, decrease prepaid insurance
A credit card sale is a sale in which cash is received for the total amount of the sale at the time of the transaction. – False
Expenses – the cost of assets consumed or services used in the process generating revenues
The carbon tetrachloride molecule, CCl4, is ________.
DIRECT LABOR EFFICIENCY VARIANCE – (SH-AH) X SR
7 GAAP – 1. Historic cost
2. Revenue accrual
3. Matching
4. Conservatism
5. Comparability
6. Full disclosure
7. Materiality
Trial balance – a proof of the equality of debits and credits in a general ledger
net income – total revenue is greater than total expenses
public accounting – The field of accounting where accountants and their staff provide services on a fee basis.
publicly held corp. – a corp. that allows anyone in the public to purchase their stock
The cаrbоn tetrаchlоride mоlecule, CCl4, is ________.
What are the common balance sheet accounts used to report when cash exchange occurs for expenses? – Prepaid Expenses
Various Types of Current Liabilities
working capital – the amount of total current assets less total current liabilities

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