Accounting

Under the accrual basis of accounting, revenues are reported in the accounting period when the – Service or goods have been delivered
capital – the account used to summarized the owner's equity in a business.
Journal – an accounting record in which transactions are initially recorded in chronological order
Periodic inventory system – An inventory system in which a company does not mainain detailed records of goods on hand throughout the period and determines the cost of goods sold only at the end of the accounting period
financial accounting – provide external users w/ info., provide user w/ general purpose financial statements
Балансовый отчет – Balance sheet
According to productivity expert Odette Pollar, “To do more in a day, ____.”
Examples of Relevant Costs – 1. Fixed costs that must be added to implement the change.
2. Fixed costs that can be avoided (saved).
3.The change in contribution margin when sales change.
4. Variable product costs: DM DL VOH incurred every time an additional unit is made and saved every time a unit is not made
5. Opportunity Costs: a benefit that is not received because a different alternative is implemented
Dividends Payable – Liabilities
Accоrding tо prоductivity expert Odette Pollаr, “To do more in а dаy, ____.”
which preposition goes with 'purpose'? – The purpose of this report is …
long term asset – not converted to cash. liability of best that will not be paid off within a year.
Profit center – have control over cost and revenue; performance evaluation: actual profit v. target profit and "segment margin"
A paper showing quantity, description, prices of items, total amount of purchase, and terms of payment is a/an – Invoice
INVENTORY – ALL THE GOODS THAT THE COMPANY OWNS AND EXPECTS TO SELL TO CUSTOMERS IN THE NORMAL COURSE OF OPERATIONS

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