Accounting ****

Long-term debt – A liability that falls due beyond one year from the date of the financial statements.
A merchandiser using a perpetual system will require one additional adjusting entry to make the records agree with the actual inventory on hand.
A. True
B. False – TRUE
1.IOP – (Initial Public Offering) a corporation's first offer to sell stock to the public.
Commercial paper – Company borrows from another company rather than the bank
Service business – A business that preforms an activity for a fee
credit side of the T-account – right side
VARIABLE OVERHEAD RATE VARIANCE – AH X (SR-AR)
Consideration principle – A business should use the same accounting methods and procedures from period to period.
Balance Sheet – A formal report of a business' financial condition on a certain date; reports the assets, liabilities, and owner's equity of the business.
A sample of 480 subjects is taken to estimate a population mean. If the sample mean is 22.4 and the sample standard deviation is 3.9, obtain the 99% confidence interval for the population mean.
going concern – the assumption that an entity is not in the process of liquidation and that it will continue indefinitely
Expenses – services were provided to the company or an asset was used (up.)
REVENUE RECOGNITION PRINCIPLE – THE BASIS FOR RECORDING REVENUES: TELLS ACCOUNTANTS WHEN TO RECORD REVENUE AND THE AMOUNT OF REVENUE TO RECORD
Cost of Merchandise- – the price a business pays for goods it purchases to sell
A sаmple оf 480 subjects is tаken tо estimаte a pоpulation mean. If the sample mean is 22.4 and the sample standard deviation is 3.9, obtain the 99% confidence interval for the population mean.
types of auditing – FINANCIAL STATEMENT AUDIT
– by an independant external auditor
-procedure by PCAOB
-expresses "opinion" on financial statements
OPERATIONAL AUDITS
-evaluation of activites, systems, and internal controls used to determine efficency efectiveness and economy

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