Financial Accounting Ch 1 Dj

Franked dividends – Dividends paid by a company and subject to company tax
Open-Account Credit – A system that allows the sale of services or goods with the understanding that payment will be made at a later date.
joint products – two or more products that can be produced from a common input
Perpetual Inventory System: inventory system continually updates accounting records for merchandise transactions for the amounts of inventory available for sale and inventory sold. – e.
Federal income tax expenses – Expense
Expenditures – The action of spending funds.
Why do accountants adjust the books? – To update the accounts and to close revenue and expenses so the balances are not carried over into the next accounting period. accounting changes recorded to ensure that all accounts have correct balances before the financial statements are prepared
Stakeholders – any persons or groups who will be affected by an action
Input Devices – Basic component of an accounting information system: These devices provide a way to record the activity from the source documents into the accounting system. Journal entries are a form of input. In a computerized accounting system, input is from the keyboard, mouse, scanner, or modem.
T- Account – A summary device that is shaped like a capital T with debits posted on the left side of the vertical line and credits on the right side of the vertical line.
The richness made possible by e-commerce technologies does which of the following?
#45. Calculate the amount of total assets at January 31, 2002. – 2002 total assets + capital contributions minus inventory cost + inventory sold minus utility bills + land price minus down payment
physical flow schedule – a schedule that reconciles units to account
for with units accounted for. The physical units are not adjusted
for percent of completion.
accounts payable – amounts a company owes to its vendors
Net Income – Amount earned after subtracting all expenses necessary for and matched with sales for a period; also called income, profit, or earnings.
The richness mаde pоssible by e-cоmmerce technоlogies does which of the following?
Understandability – Information presented in a clear and concise fashion so that users can interpret it and comprehend its meaning
This journal is used to record a purchase on account – Purchase journal

This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply