Principles Of Accounting Level 1 Chapter 1

Fundamental qualitative characteristics – relevant and faithfully represented to be useful.
note receivable – a written promise of a customer to pay the business a sum of money at a future date
sales discount – a cash discount on sales
The adjustment for depreciation is an example of: – B. Apportioning costs between two or more periods
fecha de emisión de los estados contables – date of issuance of these financial statements
acc.balance – amount in the account in the given time
The compound     is
LIFO tax advantage – Prices rise-> Lowest taxable income-> lowest income tax-> increases cash available
to treat – обращаться, обходиться, вести себя, относиться
leasehold improvements – when a lesse pays for alterations to the leased property
The cоmpоund     is
Issued shares – number of shares sold to the public
liabilities – What the business owes to others (debts)
Дипломированный бухгалтер – Chartered certified accountant
JJ White planned to use $82 of material per unit but actually used $80 of material per unit, and planned to make 1,200 units but actually made 1,000 units.

The sales-volume variance is:
a. $2,000 favorable
b. $14,000 unfavorable
c. $16,400 unfavorable
d. $2,400 favorable – c. $16,400 unfavorable

Accounting equation – also called the balance sheet equation, represents the relationship between the assets, liabilities, and owner's equity of a …

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