Accounting 2301 First Exam

Predetermined Overhead Rate (POHR) – used to assign OH cost to products and services based on estimated data established before the period begins
Accounting Systems – The system of records a business keeps to maintain its accounting system. Ex. income statement, balance sheet
Interest Receivable – …Is a Debit balance account.
Expenses – Decreases in owners' equity, increase with a debit
Accounting period – results of operations for an entity, must be reported on a periodic basis, usually a year.
Materiality Constraint – The constraint of determining whether an item is large enough to likely influence the decision of an investor or a creditor
Account number – The number assigned to an account
Common Stock – the stock issued when a corporation only issues one type of stock.
balance sheet – summarizes assets, liabilities, and owners' equity at a specific moment in time
-also called a statement of financial position
-categories: assets, liabilities, and owners' equity
1. current assets vs. property, plant, and equipment
2. current liabilities vs. long-term liabilities
3. common stock vs. retained earnings
4. total liabilities and owners' equity
Some things that you can do to improve your overall health are to:
Managerial Accounting – the field of accounting that provided internal reports to help users make decisions about their companies
How to record discount – At time of sale: record as total $ in Accts Rec
Adjust later if pay within time period: Record amnt of cash in (as per discount), subtract accounts Rec, Subtract difference btwn amnt paid and total owed in accts rec from Sales Rev.
W4 form – Employees' Withholding Allowance Certificate.
liabilities equity and revenue – increase with a credit and decrease with a debit
Sоme things thаt yоu cаn dо to improve your overаll health are to:
A distribution of profits of a corporation to its stockholders as declared by the board of director is – Dividend
Solvency – ability to pay debts when they come due in the long-term
Source Doc for debit card – Memorandum
The net profit percentage will fall if – Gross profit percentage falls and or expense percentages rise

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