Leaving Cert Accounting Ratios

Break Even – occurs when the business earns enough revenue to cover all costs, without making a profit or a loss.
net income – the difference between total revenue and total expenses when total revenue is
greater
Chart of Accounts. – A list of all the account titles and the account numbers assigned to them.
going public – whena company puts thier stock up for sale
creative accounting – yaratıcı muhasebe
permanent accounts are – not closed
On May 1, the City of Dustin was notified of approval of a $300,000 federal operating grant, payable on a reimbursement basis as the city expends resources for the intended purpose of the grant. As of May 1, no expenditures had been made for grant purposes. The journal entry to record approval of this grant will include:
Statement of retained earnings – summary of the changes in the retained earnings of a corporation during a specific period.
Sales Return and Allowance – Decrease in the seller's receivable from a customer's return of merchandise or from granting the customer an allowance from the amount owed to the seller.
Rules of posting – All general amounts get posted individually, special amount columns get posted at the end of the month ONLY, account balances are calculated & normal balances are updated
On Mаy 1, the City оf Dustin wаs nоtified оf аpproval of a $300,000 federal operating grant, payable on a reimbursement basis as the city expends resources for the intended purpose of the grant. As of May 1, no expenditures had been made for grant purposes. The journal entry to record approval of this grant will include:
In the computation of the cost per equivalent unit, the weighted-average method of process costing considers all the costs:
a. entering work in process from the units in beginning inventory plus the costs for the work completed during the current accounting period
b. costs that have entered work in process from the units started or transferred in during the current accounting period
c. that have entered work in process during the current accounting period from the units started or transferred in minus the costs associated with ending inventory
d. that have entered work in process during the current accounting period from the units started or transferred in plus the costs associated with ending inventory – a. entering work in process from the units in beginning inventory plus the costs for the work completed during the current accounting period
equities – Financial rights to the assets if a business.
amortization journal entry – operating expense:
amortization expense

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