Introduction To Accounting Final Financial Multiple Choice

The things one owns are – Assets
Expenses – Cost required for something
Owner's Equity – The owner's investment in the business (this can be include cash or other assets such as machinery or vehicles that the owner has contributed to the business); the business owes the owner's equity to the owner if the business if the business ceases to exist.
Blank endorsement – An endorsement consisting only of the endorser's signature
dividends in arrears – cumulative dividends not paid to preferred shareholders; must be paid before common shareholders are paid
Discretionary fixed costs – those fixed costs that arise from annual decisions by management to spend on certain fixed cost items, such as advertising and research (p31)
Why was it believed that accounting standards that were issued by the Financial Accounting Standards Board would carry more weight?

A. Smaller membership.
B. FASB board members are well-paid.
C. FASB board members must be CPAs.
D.Due process. – D.Due process.

Общий объем реализации – Total sales
Long- Term investment – A long- term asset category that includes investment in bonds or stocks in which the company intends to hold the investment for longer than one year.
According to the textbook, developed countries are more likely to trust _____ explanations of ill health?
Intangible Assets – assets that do not have physical substance
special endorsement – An endorsement indicating a new owner of a check; also known as an endorsement in full
Accounting job categories? – Managerial
financial
Tax related
Accounting Related
under-applied overhead – a debit balance in the manufacturing overhead account that occurs when the amount of overhead cost actually incurred exceeds tha amount of overhead cost applied to work i process during a period
Accоrding tо the textbоok, developed countries аre more likely to trust _____ explаnаtions of ill health?
what are the 3 guidelines for ethical decisions – identify ethical concerns
analyze options
make ethical decisions
Sale on Account (charge sale) – Sale for which cash will be received at a later date

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