Accounting 202 Chapter 10

An entry made on the debit side of an asset account indicates that the account has been – Increased
operaciones discontinuadas – discontinuing operations
PCAOB? – public company accounting oversight board
-approve auditing standards, known as generall accepted auditing standards
Multiple step income statement – An income statement that shows several steps in determining net income.
Time-Period Assumption – An assumption that accountants can divide the economic life of a business into artificial time periods.
Order preparing financial statements – Income statement, statement of stockholders' equity, and balance sheet
other long-term assets – assets held for more than one year that do not fit into the other long-term assets categories

ex. land not used and not for sale, cash value of life insurance policies

Age of inventory – measures the average time required to sell inventory. Calculation: 365 days divided by Inventory Turnover
A trait is seen with equal frequency in males and females. Two people who do not have the trait, have a 1 in 4 probability of having offspring with the trait. The inheritance of this trait is __________.  
8.Crony capitalism – is a term describing an economy in which success in business depends on close relationships between business people and government officials.
process cost system – records product cost for each manufacturing department or process
A trаit is seen with equаl frequency in mаles and females. Twо peоple whо do not have the trait, have a 1 in 4 probability of having offspring with the trait. The inheritance of this trait is __________.  
Note receivable – a written promise of a customer to pay the business a sum of money at a future date is called a/an
Sarbones-Oxley Act – Ordered the SEC to draw up rules requiring the chief executives and chief financial officers of all publicly traded U.S companies to swear that, based on their knowledge, the quarterly statements and annual reports that their companies files with the SEC are accurate and complete.
current assets – assets company plans to turn into cash or use to generate revenue in the next fiscal year

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