Accounting Chapter 1

estado de evolución de saldos con casa matriz – statement of changes in balances with head office
Effective Interest Method of Amortization – The process of transferring a portion of the premium or discount to interest expense.
CONSERVATISM – No profits are anticipated and all possible losses are recognized.
The biz buys equip w/ $, assets __ – Decrease
Unearned revenue – deferred revenue as a liability
Treasury stock – Corporations repurchase of its outstanding common stock
reclamar el ingreso – to claim payment
Robinson Corporation constructs new homes. Assume that Robinson uses a job costing system. During July 2018, the following transactions occurred:Robinson purchased $4,500 of lumber on account.Robinson used $3,750 of lumber in production and incurred 50 hours of direct labor hours at $15 per hour.Depreciation of $1,500 on equipment used to build new houses was recorded.A house that was completed last period at a cost of $150,000 was sold for $180,000 in cash. ​ The journal entry to record the requisition of lumber for Robinson would include a
If scrap is returned to the company's storeroom and inventoried, it should not have any value in the accounting records. – False
account – A record that summarizes all the transactions pertaining to a single item in the accounting equation
Rоbinsоn Cоrporаtion constructs new homes. Assume thаt Robinson uses а job costing system. During July 2018, the following transactions occurred:Robinson purchased $4,500 of lumber on account.Robinson used $3,750 of lumber in production and incurred 50 hours of direct labor hours at $15 per hour.Depreciation of $1,500 on equipment used to build new houses was recorded.A house that was completed last period at a cost of $150,000 was sold for $180,000 in cash. ​ The journal entry to record the requisition of lumber for Robinson would include a
General Ledger. – The book of accounts.
face value – amount that is repaid at maturity
credit – Paid advertising expense: ________ cash
acreedor común, quirografario – general, simple, unsecured creditor

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