Accounting 610 Chapter 1

What is meant by comparability when discussing financial accounting information? – Information that is measured and reported in a similar fashion across companies
revenue recognition principle – the principle that companies recognize revenue in the accounting period in which the performance obligation is satisfied
Certificates that represent ownership of a corporation. – stock
Special Orders Formula – Sales $ per unit for the special order
– All variable costs per unit related to the special order (DM DL VOH Period)
= Contribution margin per unit
x Total units of the special order
= Total contribution margin from the special order
– Additional fixed costs related to the special order
= Impact on profits from the special order (1)
time ticket – a source document by which direct labor costs are
assigned to individual jobs.
Expense – The money that is spent to develop the product, sell it, account for it, and manage the whole production and selling process.
Which of the following pairs of cases impacted First Amendment rights?
principles of full disclosure – Requires that companies disclose all circumstances
and events that would make a difference to financial statement users.
Net Present Value of Relevant Cash Inflows and Outflows Table – Description | When | Amount of Cash | x | PV Factor |=Present Value of Cash Flows
Accounting Cycle – Analyze business transactions from source documents, record transactions in the journal, post entries to the ledger and prepare trail balance, adjust accounts and prepare adjusted trial balance, prepare financial statements, close accounts and prepare post-closing trial balance.
Solvency Ratios – "long term"
debt to equity ratio
times interest earned ratio
Business Ethics – The use of ethics in making business decisions
90000 – If sales revenues are $400,000, cost of goods sold is $310,000, and operating expenses are $60,000, the gross profit is:
impuesto a los bienes personales – tax on personal assets
Which оf the fоllоwing pаirs of cаses impаcted First Amendment rights?
Net Book Value – Is the acquisition cost of an asset less accumulated depreciation.

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