Century 21 Accounting Chapter 6

ACCOUNTS RECEIVABLE, JOCK'S SUPERMARKET – ASSET
If a funeral home sells funeral service on a 30 day account, the entry to record the transaction would be to – Debit accounts receivable, credit sales
Expenses are listed on which of the following reports? – Profit and Loss Statement and Income Statement
cost of goods manufactured – the manufacturing costs associated with the goods that were finished during the period
tombstones – advertisments that are put out whena company goes public
Internal Users – Persons using accounting information who are directly involved in managing the organization.
The color of a stimulus can influence the _________ stage of information processing.
Accounting records – Organized summaries of a business's financial activities are called accounting records
Operating activities equation – Net income
Plus amortization – depreciation – expense
less gains, add losses
+/- increases & decreases in Current assets – opposite – and current liabilities – same.
fair value – The amount that a business could sell an asset for, or the amount that a business could pay to settle a liability.
SEC – the U.S. government agency (the public sector) that has the legal authority to set the accounting rules for companies with publicly traded stock
Accounting that deals with external users – financial
The cоlоr оf а stimulus cаn influence the _________ stаge of information processing.
source document – evidence a transaction has occured
Patents – Federal government grants that give the holder the exclusive right for 20 years to produce and sell an invention.
– May be purchased
– Amortization expense

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