Funeral Service Accounting

The major types of transactions that affect retained earnings are:
A) assets and liabilities
B) revenues and liabilities
C) revenues, expenses, and dividends
D) paid – in capital and common stock – C) revenues, expenses, and dividends
market capitalization – kapitalizacja rynkowa
Debtors or accounts receiveable – Sell goods or services to a third party on credit terms
Drawings – Cash/goods drawings from the business by the owner.
Expense Recognition Principle – Recognition of expenses is related to net changes in assets and earning revenues. The expense recognition principle is implemented in accordance with the definition of expense by matching efforts (expenses) with accomplishment (revenues).
Earnings – determined by comparing the value of goods and services provided to customers to the cost of providing those same goods and services during the SAME period of time
underapplied factory overhead – overhead is less than the actual overhead incurred, the factory overhead account will have a debit balance
Chart of Accounts – A list of all of a company's accounts with their account numbers.
Only factor that is common to all assets – Money
Gustar and verbs like it–question 3 Reminder about instructions: In the blank, you must supply two things: First, the correct indirect object pronoun. Then, the correct present-tense conjugation of the verb in parentheses. Both elements must be present for your response to be complete. A ti [l1] (encantar) las películas de Pedro Almodóvar, ¿verdad?
Horizontal analysis – Current year – Prior year/ Prior year
Sales – Normal Balance: Credit
Type of Account: Revenue
Financial Statement: IS
bottom line of income statement – net income
Gustаr аnd verbs like it–questiоn 3 Reminder аbоut instructiоns: In the blank, you must supply two things: First, the correct indirect object pronoun. Then, the correct present-tense conjugation of the verb in parentheses. Both elements must be present for your response to be complete. A ti [l1] (encantar) las películas de Pedro Almodóvar, ¿verdad?
Petty cash slip – Form showing proof of petty cash payment
LONG-TERM ASSETS – ANY ASSETS THAT WILL NOT BE CONVERTED TO CASH OR USED UP WITHIN THE BUSINESS'S OPERATING CYCLE OR ONE YEAR (WHICHEVER IS GREATER)
Balance sheet – Reports financial info on a separate date

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