Accounting 202 Chapter 10

Adjusting entries – journal entries recorded to update general ledger accounts at the end of a fiscal period
GOING-CONCERN ASSUMPTION – Assumption that prescribes financial statements to reflect the assumption that the business will continue operating.
Social Audits – These are participatory tools used for gathering citizens' perceptions of public services and usually involve communities grading different parts of the service. The findings can be complied and used to start a dialogue with the authorities and to launch a campaign.
Adjustments – Changes recorded on a work sheet to update general ledger accounts at the end of a fiscal period
Interim periods – Monthly and quarter time periods
Allowance Method – Bases bad debt expenses on an estimate of uncollectible accounts.
Net Present Value – The Net Present Value is the amount over or under the required rate of return over the investment period. Net present value is NOT the amount eared or lost on the investment
Refer to Table 9-1. Select the statement that accurately interprets the data in the table. 
Federal unemployment tax – .8% of taxable earnings
contributed – wpłata, wspierać finansowo
Budget – The detailed statement outlining estimated project costs to support work under a grant or contract.
Sales returns and sales allowances increase the amount of sales. – False
Lower of Cost or Market Rule – rule for writing down the recorded value of inventory whos market value has declined below cost. Cost in historical costand market refers to current cost to replace
Refer tо Tаble 9-1. Select the stаtement thаt accurately interprets the data in the table. 
What is the Accounting Equation? – Assets = Liabilities + Owners Equity
Social security – F.I.C.A refers to
Customers – They have an interest in the information about the continuance of an entity, especially when they are dependent on the entity.
How to calculate GST payable or receivable? – GST balance = GST collected – GST Paid.
Positive = GST payable
Negative = GST receivable

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