Financial Accounting Final

agente del mercado abierto electrónico – over the counter broker
Deductions – D of business income
Technological innovation has led to shorter product-life cycles and a need to bring new products to market more rapidly. – True
Accounts Receivable – Those who owe the business money (Debtors)
39.A Tobashi scheme – is a financial fraud where a client's losses are hidden by an investment firm by shifting them between the portfolios of other (genuine or fake) clients.
journal – the book of original entry
Managerial accounting – designed to meet the needs of internal users.
Under the perpetual inventory system, the cost of merchandise purchased is recorded in the Merchandise Inventory account.
voiding a check – Canceling a check by writing the word "Void" across the front in ink.
Account Balance – the amount in an account
installation – производственная установка (устройство, прибор)
cost constraint – constraint that weights the cost that companies will incur to provide the information against the benefit that financial statement users will gain from having the information available
Cost Sheet – Provides an estimated detail of what is required to make ONE product or provide ONE unit of service; DM, DL, Manufacturing Overhead
transactions – any economic event that has a financial impact on the business
Treasury Stock – A company's own stock that it has issued and later reacquired
– Recorded at cost
Under the perpetuаl inventоry system, the cоst оf merchаndise purchаsed is recorded in the Merchandise Inventory account.
PURCHASE DISCOUNT – A DISCOUNT THAT BUSINESSES OFFER TO PURCHASERS AS AN INCENTIVE FOR EARLY PAYMENT
A synonym for fair wear and tear of a durable asset is – Depreciation
Admin Expense – Secretary to the company president

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