Managerial Accounting: Chapter Three: Joborder Costing

general ledger – usually all transactions after a month, contains all asset, liability operations expenses, accounts, journal totals
Low cost strategy – products and services of "acceptable" quality are offered at lower prices than the competition
Income statement – Shows the financial performance of an enterprise over a period of time. Can also be known as the profit and loss statement. He reports the revenues and any expenses incurred
payee – The person that you are paying or writing the check to.
Accounts payable 3500
Cash 3500 – Journal Entry: Sauk paid for inventory on $3500 of credit with terms the following terms 2/10, n/30. Sauk(the buyer) paid after the discount period. How do they journal this?
The financial statement that reports revenues and expenses is called the
A) Balance sheet
B) Income statement
C) Statement of cash flows
D) Statement of retained earnings – B) Income statement
Based on the evidence presented in “A Certain Lady” by Dorothy Parker, what statement best describes the person to whom the speaker of the poem is referring?
current liabilities – Debts or obligations the company expects to pay off or satisfy within the next year
-accounts payable
-notes payable ( due within a year)
-unearned interest
-interest payable
-salaries payable
—payable within a year
Transaction Analysis – Every transaction affects at least two accounts (dual effect), and the accounting equation MUST remain in balance after each transaction.
Bаsed оn the evidence presented in “A Certаin Lаdy” by Dоrоthy Parker, what statement best describes the person to whom the speaker of the poem is referring?
Accounts payable – an unwritten promise to pay creditors for property, such as merchandise, supplies, or equipment, purchased on credit, or for services received on credit.

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