Accounting ****

Matching principle – principle starting that expenses are compared to revenues for the same period.
Drawing – owner's equity, increase and normal balance is debit side, decrease is credit side
Bookkeeping. – The recording of financial information in a prescribed manner.
Revenue – An increase in equity resulting from the sale of goods or services
Stockholder – -One of the owners of a corporation (owns share(s) of the corporation's stock)
Most responsible for internal control – CEO and CFO
in balance – a condition in which the total of the debits and the total of the credits are equal in an account
Expense recognition – Prescribes that expenses be recorded in the same period as the revenues that were earned as a result
Let p and q represent the following simple statements: p: I won the lottery. q: You are happy.   Write the following compound statement in its symbolic form.   I did not win the lottery and you are not happy.
Income – An inflow or enhancement of economic befits that increases assets or reduces liabilities – comprises or revenue and gains
Use of Flexible Budget – Management uses a flexible budget at the end of the period to determine if costs were successfully controlled and to determine what factors contributed to income being different than expected.
Statement of Earnings or
Statement of Operations – what is the other name for the income statement
Which of the following costs always differ among future alternatives?
a. fixed costs
b. historical costs
c. relevant costs
d. variable costs – c. relevant costs
ingresos brutos – turnover tax
Let p аnd q represent the fоllоwing simple stаtements: p: I wоn the lottery. q: You аre happy.   Write the following compound statement in its symbolic form.   I did not win the lottery and you are not happy.
Common stock increases with – Credit
revenues – the amounts a business earns; examples are fees earned for performing services, sales of merchandise, rent income, and interest income. They may be in the form of cash, credit card receipts, or accounts receivable.
Which of the following statements regarding manufacturing overhead allocation is FALSE?
a. It includes all manufacturing costs that cannot be directly traced to a product or service.
b. The costs can be grouped in either a single indirect-cost pool or in multiple indirect-cost pools.
c. Total costs are unknown at the end of the accounting period.
d. Allocated amounts are debited to Work-in-Process. – c. Total costs are unknown at the end of the accounting period.
DIRECT LABOR SPENDING VARIANCE – DL RATE VARIANCE + DL EFFICIENCY VARIANCE

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