Managerial Accounting: Chapter Three: Joborder Costing

Statement of Stockholders' Equity – An expanded statement that explains not only the periodic change in retained earnings but also shows all other sources of changes in equity.
adjustment – changes recorded on a work sheet to update general ledger accounts at the end of a fiscal period
When prepaid insurance has been used, the following adjustment will be necessary – Increase insurance expense, decrease prepaid insurance
Stock ledger – A file of stock records for all merchandise on hand
statement of owner's equity – report beginning capital plus net income less withdrawals to compute ending capitla
Increase in prepaid rent – Decrease asset
Lumber mills that sell sawdust and wood chips are increasing their efficiency of materials input.
Adjusting Journal entries – accrued liablility
accrued revenue
prepaid expense
unearned revenue
Accrual Accounting – Records rev and related expenses in the same accounting period that it provides the g/s, regardless if it receives or pays cash in that time period.
year under review – Berichtsjahr
Current Liabilities – Liabilities that must be paid with cash or with goods and services within one year, or within the entity's operating cycle if the cycle is no longer one year.
Lumber mills thаt sell sаwdust аnd wооd chips are increasing their efficiency оf materials input.
Accounting period cylce – Financial info is always reporting for a specific amount of time

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