Accounting Chapter 6

ending balance – the difference between footing in a t account
Revenue – An increase in owners equity resulting from the operation of a business
Financial Statements – Financial reports that summarize the financial conditions and operations of a business
Purchase journal (P) – records only purchases we have made on Credit from a supplier..No cash purchases
Double entry – basic accounting theory is based on
Check – A written order drawn by a depositor directing his bank to deduct money from his account and pay the person or company designated
53. The ending Retained Earnings balance of Boomer Inc. decreased by $1.0 million from the beginning of the year. The company declared a dividend of $5.4 million during the year. What was the net income earned during the year?
A. $7.5 million.
B. $6.4 million.
C. $4.4 million.
D. $1.0 million. – C. $4.4 million.
OIF investment income received – operating effect
Based on known prevalence of risk factors, who is MOST likely to develop Type 2 diabetes?
Working Capital = – Current Assets – Current Liabilities
accountant – is expected to make choices and decisions about the designof accounting systemsand prepareand explain financial reports.
Joint Costs – Costs incurred up to the split-off point. These costs are allocated to join products. Joint costs are always irrelevant to the decision to process further because they will not change regardless of the decision.
Bаsed оn knоwn prevаlence оf risk fаctors, who is MOST likely to develop Type 2 diabetes?
13.Defraud – is illegally obtain money from (someone) by deception.
Balance Sheets – A financial statement that reports assets, liabilities, and owner's equity on a specific date.
Текущие оборотные активы, оборотный капитал – Current/floating assets

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