Financial Accounting: Ch 3 Adjusting The Accounts

Arises from income statement activities that constitute the entity's ongoing major or central operations. – Revenue and Expenses
Assets – Resources owned by a business.
A person or business to whom a liability is owed – Creditor
The amount reported on the income statement related to trading security will be – dividends received this period plus change in market value during the period
Petty Cash System – Petty cash is currency which is kept in the office for expenses that must be paid for in cash rather than by check (cab fare, newspaper, tips etc.).
Current Ratio – current assets/current liabilities
The following situation applies to questions 5-8 on this quiz. The new director of a local YMCA has been told by his predecessor that the average member has belonged for 8.4 years. Examining a random sample of 35 membership files, he finds the mean length of membership to be 7.8 years, with a sample standard deviation of 2.5 years. Evaluate this null hypothesis at the 95% confidence level. Will we use a z- or t-value to conduct this hypothesis test, and why?
Accounts Clerk/Technician – Prepares journals and ledgers (accounting records).
financial accountin – the branch of accounting that is concerned with recording transactions using generally accpeted accounting principles (gaap) for a business or other economic unit and with a periodic preparation of various statements from such records
What side of the journal entry are Dividends Payable recorded on when a company declares a cash dividend? – Credit
Revenues and expenses – Single-Step Income Statement divide accounts into what 2 groups?
Legal Capital – Most states require companies to maintain a minimum amount of stockholders' equity for the protection of creditors. This is usually the par value of the shares issued
Pricing – Charging for goods and services to make a profit
Issued Stock – Number of shares that have been sold to investors. Usually do not sell all that are autorized.
The fоllоwing situаtiоn аpplies to questions 5-8 on this quiz. The new director of а local YMCA has been told by his predecessor that the average member has belonged for 8.4 years. Examining a random sample of 35 membership files, he finds the mean length of membership to be 7.8 years, with a sample standard deviation of 2.5 years. Evaluate this null hypothesis at the 95% confidence level. Will we use a z- or t-value to conduct this hypothesis test, and why?
What is the overall money earned by a company called? – Gross Pay
Account – Record within an accounting system in which increases and decreases are entered and stored in a specific asset, liability, equity, revenue, or expense

This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply