Chapter 1 Introduction To Accounting

revenues – Inflows of assets resulting from sales of goods or services to customers
Direct cost expenditures- what are they? –
Dividends – Distributions to equity holders
Drawing Account – Owner Withdrawal. A separate owner's equity account in which withdrawals of cash or other assets by the owner for personal use are recorded.
Moody's investors service – Private sector body that rates creditworthiness of bond issuers
An increase in proprietorship as the result of a business transaction is a/an – Income
What is the output of the following code segment? 
close – final price at the end of the day
A learning curve is a function:
a. that measures the decline in labor-hours per unit due to workers becoming better at a job
b. that increases at a greater rate as workers become more familiar with their tasks
c. where unit costs increase as productivity increases
d. that is linear – a. that measures the decline in labor-hours per unit due to workers becoming better at a job
Diminishing value method – Historical cost-accumulated depreciation x percentage
For a manufacturing company, direct material costs may be included in:
a. direct materials inventory only
b. merchandise inventory only
c. both work-in-process inventory and finished goods inventory
d. direct materials inventory, work-in-process inventory, and finished goods inventory accounts – d. direct materials inventory, work-in-process inventory, and finished goods inventory accounts
A formal report of business operations covering a specific period of time; also called a profit and loss statement or a statement of income and expenses. ( has a three line heading: Business name; what kind of statement; the third line show that the report covers operations over a period of time.) [the income statement reports revenue; expenses;and the result is net income or net loss] – Income Statement
Whаt is the оutput оf the fоllowing code segment? 
Absentee owners – Shareholders in large businesses
internal controls – company's policies and procedures designed to protect the assets of the firm and to ensure the accuracy and reliability of the accounting records
Overdraft – the issuance of a check without sufficient funds in the account when it is presented for payment.
manufacturing company – makes the goods it sells

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