Learn Accounting Basics 1

TEST!! Propor authorization – Signing
Fraud triangle – The Three factors that contribute to fraudulent activity by employees: opportunity, financial pressure, and rationalization.
Form of business that is separated from its owners – Corporations
International Accounting Standards Board (IASB) – An organization that issues International Financial Reporting Standards for many countries outside the United States.
Source documents – Check Stubs, receipts,cash registrar tape, memos of cash registrar totals, sales tickets, sales invoices, purchase invoice from suppliers.
Непроизводительные расходы – Overheads
What is issued to investor to provide evidence of the investors claim against company – Bond Certificate
no posee cotización – does not have a quoted price
On a given day of June, there is a 30% chance of thunderstorms with heavy rain and a 10% of a flight delays at the airport.  What is the probability of there being thunderstorms with heavy rain and flight delays at the airport?
Account – account: a record summarizing all the information pertaining to a single item in the accounting equation
Generally Accepted Accounting Principles (GAAP) – Accounting standards developed and applied by professional accountants.
depreciation expense – that portion of the orignal cost of a fixed asset that is assigned as an expense to the reporting period expected to benefit from it use
On а given dаy оf June, there is а 30% chance оf thunderstоrms with heavy rain and a 10% of a flight delays at the airport.  What is the probability of there being thunderstorms with heavy rain and flight delays at the airport?
Financial claims – legal rights to an item
Credit Balance in Retained Earnings – normal, indicating that the corporation's lifetime earnings exceed lifetime losses and dividends
Statement of cash flows – Cash inflows and outflows during reporting period
double declining balance – an accelerated method, which causes more depreciation expense to be recognized in the early years and less in the later years
When machine-hours are used as an overhead cost-allocation base and the unexpected purchase of a new machine results in fewer expenditures for machine maintenance, the MOST likely result would be to report a(n):
a. favorable variable overhead spending variance
b. unfavorable variable overhead efficiency variance
c. favorable fixed overhead flexible-budget variance
d. unfavorable production-volume variance – a. favorable variable overhead spending variance

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