Funeral Service Accounting

stockholders' equity – paid-in capital & retained earnings
ACCOUNTS PAYABLE, VISA – LIABILITY
Costs of goods sold – a figure which reflects the cost of raw materials used to produce a product to sell to customers. COGS is the direct costs of producing a product for sale
net class flow – the difference between the inflows and outflows
Income Statement – reports an accountants primary measure of performance for a business, revenues less expenses during the period (revenues, expenses, and net income)
Matching Principle/Expense Recognition Principle – Prescribes expenses to be reported in the same period as the revenues that were earned as a result of the expenses.
board of directors – elected by the stockholders to represent their interests.
What is the present value of an investment paid as an annuity due for twenty three years if the cash flows are $275,000 per year and the appropriate discount rate is 7.65%?
Percentage Of Net Credit Sales – Method to estimate the expense for uncollectible accounts by basing the rate on the company's past experience with uncollectible accounts and management's assessment of current business conditions. Example: .80% of net credit sales will be uncollectible.
Normal Balance of Petty Cash – Debit
dividends reduce retained earnings but – are NOT expenses
The average collection period is computed by dividing
A. net credit sales by average net accounts receivable.
B. net credit sales by ending net accounts receivable.
C. the accounts receivable turnover ratio by 365 days.
D. 365 days by the accounts receivable turnover ratio. – D
Account – A record summarizing all the info in the accounting equation.
resultados de inversiones en compañías vinculadas – gains or loss on investments in related companies
Balance Sheet – A financial statement that reports assets, liabilities and owner's equity on a specific date
Whаt is the present vаlue оf аn investment paid as an annuity due fоr twenty three years if the cash flоws are $275,000 per year and the appropriate discount rate is 7.65%?
Transaction – Accountans reffer to an economic event as a
high – the highest price of the stock during the trading day
Order of Liabilities in a Business – The liabilities that are payable within the shortest amount of time are listed first and the liabilities that are due more than one year in the future are listed last.

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