Weisinger Accounting Ch 5

F.I.C.A – abbreviation for Federal Insurance Contributions Act
Accounting Equation – The total assets of a company are equal to the total of the liabilities and shareholder equity
FASB, SEC – The two organizations that are primarily responsible for establishing generally accepted accounting principles are
statement of cash flows sections (3) – 1. operating activities 2. investing activities 3. financing activities
Sales Discounts – …Is a Debit balance account.
Sales revenues are usually considered earned when – C. goods have been transferred from the seller to the buyer
If the hypothalamus detects and increase in concentration of body fluids(mainly the blood) what hormone will most likely be released from the pituitary gland?
Goodwill – 1. Asset
2. Balance Sheet
3. Debit
4. Permanent
warranties – guarantee their products or services
Receipt – A business form giving written acknowledgement for cash received
If the hypоthаlаmus detects аnd increase in cоncentratiоn of body fluids(mainly the blood) what hormone will most likely be released from the pituitary gland?
Harold Company overstated its inventory by $15,000 at December 31, 2012. It did not correct the error in 2012 or 2013. As a result, Harold's stockholders' equity was
A. overstated at December 31, 2012, and understated at December 31, 2013.
B. overstated at December 31, 2012, and properly stated at December 31, 2013.
C. understated at December 31, 2012, and understated at December 31, 2013.
D. overstated at December 31, 2012, and overstated at December 31, 2013. – B
Retained Earnings – Normal Balance: Credit
Type of Account: Owner's Equity
Financial Statement: BS
Sole Proprietorship – a single owner business

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