Accounts, Debits And Credits

business ethics – The use of ethics in making business decisions
Right or wrong, honest or dishonest, fair or not fair – Ethics are the standards of conduct by which one's actions are judged as:
business equity – individual,association or organization that engages in economic activities and controls specific economic resources
The business entity princple – The principle that transactions, assets and liabilities that relate to the entity are accounted for separately
comparability – The ability to make relative assessments of companies.
accounts payable – amounts a company owes to its vendors
A manufacturing plant produces two product lines: football equipment and hockey equipment. Direct costs for the football equipment line are the:
a. beverages provided daily in the plant break room
b. monthly lease payments for a specialized piece of equipment needed to manufacture the football helmet
c. salaries of the clerical staff that work in the company administrative offices
d. utilities paid for the manufacturing plant – b. monthly lease payments for a specialized piece of equipment needed to manufacture the football helmet
When machine-hours are used as an overhead cost-allocation base, the MOST likely cause of a favorable variable overhead spending variance is:
a. excessive machine breakdowns
b. the production scheduler efficiently scheduled jobs
c. a decline in the cost of energy
d. strengthened demand for the product – c. a decline in the cost of energy
Inventory. – A source document showing quantity, description, prices of items, total amount of purchase and the terms of payment.
general journal – the most basic form of journal
Muscle tissue that is involuntary:
The total of a terminal summary can be recorded as a single cash sales transaction. – True
sales returns and allowances – a temporary owner's equity contra account used to record credit given to a customer for shortages or damaged goods.
Muscle tissue thаt is invоluntаry:
Ledger – The record of final entry.

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