Basic Accounting Math

accounting equation – assets=libablities+owners equity
Endorsement in Full – Endorsement which uses the phrase, "pay to the order of"
Direct costs – are identified with and can be traced to a cost object.
Cash discounts – discounts from quoted prices as an inducement for prompt payment of invoices.
títulos de deuda mantenidos hasta su vencimiento – debt securities held to maturity
what are 3 accounts that are temporary? – revenues, expenses and dividends
Which of the following commonly initiates the data input process?
markup – the amount added to the cost of merchandise to establish the selling price
Revenue recognition principle – record revenue only after you have earned it
Trailhound Company operates on a contribution margin of 30% and currently has fixed costs of $200,000. Next year, sales are projected to be $1,000,000. An advertising campaign is being evaluated that costs an additional $30,000. How much would sales have to increase to justify the additional expenditure?
a. $60,000
b. $90,000
c. $100,000
d. $300,000 – c. $100,000
$30,000 / .3 = $100,000
Accounting records – : organized summaries of a business's financial activities
international accounting standards board – an accounting standard-setting body that issues standards adopted by many countries outside of the U.S.
miscellaneous expenditure – sonstige Aufwendungen
debit – The left side of an account.
Which оf the fоllоwing commonly initiаtes the dаtа input process?
auditor – A person who formally examines and verifies financial accounts
income statement: a financial statement showing the revenue and expenses for a fiscal period – income statement: a financial statement showing the revenue and expenses for a fiscal period
Statement of Retained earnings – Total cumulative amount of reported net income less any net losses and dividends declared since the company started operating

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