Funeral Service Accounting

LINE – STORE MANAGER, COMPANY PRESIDENT
**ON EXAM**
Each of the following accounts is closed to Income Summary except: – B. Dividends
promissory note – a written promise made by a person or business to pay a certain sum of money to another person or business at a specified time in the future
The sole owner of a business is called a – Proprietor
Paid-in capital in excess of par – corp sells its stock for more than par value
records in this acct
adjusting entry = – made at the end of an accounting period to reflect a transaction or event that is not yet recorded. (never affect cash account)
COSO model traingle – Used to create internal control. Main focus is control activities
Refunding Bond Issuance
Bond at $20M, 1% discount, with 2% admin fee that is refunded – DR Cash $19,400,000 – refunding fee
DR Expenditure $400,000
DR Other Financing Use $200,000
DR Other Financing Use – refunding fee
CR Other Financing Source $20,000,000
stockholders – the owners of the business
Payroll register – A business form used to record payroll information
Consider the following factors: culture religion customs prices income Which of the factors above are likely to influence the choices consumers make?
Journal – A record of transactions in date order.
chart of accounts – a list of all accounts used by a business
recording more revenue than is earned requires an adjusting entry that will include – a credit to unearned revenue
Creditor – lends (done by banks) money for a specific amount of time to a company, they gain from the loan by charging interest on the lent money
Cоnsider the fоllоwing fаctors: culture religion customs prices income Which of the fаctors аbove are likely to influence the choices consumers make?
liability accounts – claims (by creditors) against assets, which mean they are obligations to transfer assets or provide products or services to others
Assest – are resources a company owns or controls
profit and loss statements – Another term for the income statement, An itemized financial statement of the income and expenses of a company's operations.

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