Uil Accounting

Form W-2 is a/an: – Wage and Tax statement; a report furnished by the employer for each employee indicating gross earnings and deductions for income and FICA taxes
personal account – Debit: Receiver
credit: Giver
General amount column – a journal amount column that in not headed with an account title
accounting – Planning, recording, analyzing, and interpreting financial information.
Which of the following statements about Visa credit card sales is incorrect?
A. The credit card issuer makes the credit investigation of the customer.
B. The retailer is not involved in the collection process.
C. Two parties are involved.
D. The retailer receives cash more quickly than it would from individual customers on account. – C
Receipts – an amount of money coming into the business
consigned goods – goods held for sale by one party although ownership of the goods is retained by another party
PREPAID (DEFERRED) EXPENSES – Items paid for in advance of receiving their benefits; classified as assets; adjusting entries involve increasing expenses and decrease assets. (prepaid insurance, supplies, and depreciation)
Factors that affect the selection of an inventory costing method do not include
A. tax effects.
B. balance sheet effects.
C. income statement effects.
D. perpetual vs. periodic inventory system. – D
Which United States Supreme Court case focused on executive privilege?
Liabilities – Organization's debts and other financial obligations. Paid off both Short (<1 yr) and Long Term (> 1 yr).
Asset – Economic resource used or consumed to generate revenue
intangible asets – Long-term resources that benefit business operations. They usually lack physical form and have uncertain benefits. Examples include patents, trademarks, copyrights, franchises, and goodwill.
*expenses* – Assets used up or services consumed in the process of generating revenues.
Budgeted DLH – =Production volume (in units) x DLH needed for each unit
which preposition goes with 'purpose'? – The purpose of this report is …
Which United Stаtes Supreme Cоurt cаse fоcused оn executive privilege?
Cash Equivalent – Is a short-term, highly liquid investment with an original maturity of less than three months.
Convergence – Effort to reduce differences between U.S GAAP and IFRS to enhance comparability.
The difference between the cost of the asset and the accumulated depreciation is the: – Book value or undepreciated cost
other long-term assets increase when… – the company buys them

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