Accounting Chapter 9 Vocabulary

multiple-step income statement – Income statement format that shows subtotals between sales and net income, categorizes expenses, and often reports the details of net sales and expenses.
Types of Responsibility Centers – -cost
-profit
-investment
monetary unit assumption – means we can express transactions in money
Provision for income taxes – the amount of income tax expense for a given period
primary objective of financial reporting to external users – to provide financial information about the report gin entity that is useful to existing and potential investors lenders and other creditors in making decisions about providing resources to the entity
Securities & Exchange Commission (SEC) – authority over public accounting business
Activity base – A measure of whatever causes the incurrence of a variable cost.For example, the total cost of x-ray film in a hospital will increase as the number of x-rays taken increases. Therefore, the number of x-rays is the activity base that explains the total cost of x-ray film.
FASB – The primary accounting standard-setting body in the United States
balance sheet – balanço patrimonial
SECTION 2: Gustar and verbs like it–question 7 Reminder about instructions: In the blank, you must supply two things: First, the correct indirect object pronoun. Then, the correct present-tense conjugation of the verb in parentheses. Both elements must be present for your response to be complete. A ti [l1] (encantar) la comida china, ¿no?
Total sales less the sales price of any goods returned by customers, less any reduction in price given to customers, less cash discounts allowed by the seller is called: – Gross Margin on Sales
Amortization Expense – Expenses
Goodwill is classified as a/an – Intangible asset
The Objectivity Principle – -accounting will be recorded on the basis of objective evidence, not personal opinion
-the source document is primarily the best objective evidence
SECTION 2: Gustаr аnd verbs like it–questiоn 7 Reminder аbоut instructiоns: In the blank, you must supply two things: First, the correct indirect object pronoun. Then, the correct present-tense conjugation of the verb in parentheses. Both elements must be present for your response to be complete. A ti [l1] (encantar) la comida china, ¿no?
point-of-sale terminal – a computer used to collect, store, and report all the information of a sales transaction
General & administrative expenses – depreciation expense
office & admin expense
property tax expense
rent expense
Treasury Stock – A company's own stock that it has issued and later reacquired
– Recorded at cost
Users – IRD, Employers, Lenders, Customers, Suppliers and owner

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