cumulative – shares receive priority for future dividends if dividends are not paid in a given year
General Journal – Journal with two amount columns in which all kinds of entries can be recorded
pretty cash slip – a form showing proof of a petty cash payment
Accounting equation – An equation showing the relationship among assets, liabilities, and owner's equity.
Trial Balance – a list of ledgers account balances; total debits must equal total credits to prove mathematical accuracy of the ledger. A method of checking whether or not the balances are mathematically correct and agree with the accounting equation
Certified Check. – A check that carries the guarantee of the bank that sufficient funds are available to pay the check when it is presented.
Traditional systems are likely to undercost complex products with lower production volume. – True
The inventory turnover is good – When it is appropriate for the type of goods sold. When it is improving from one year to the next. When it is equal to or better than the average norm for the kind of business
Opportunistic infections can occur because the oral microflora is affected by changes such as a decrease in salivary flow, immune system alterations, or antibiotic administration.
Special – An endorsement used to transfer ownership of a check
stated-value stock – stated value for stock is the stock's min. issue price
With respect to the converged FASB/IASB conceptual framework:
A. The framework will not address disclosure issues.
B. Work is being conducted on the framework as a whole, and it will not be issued until all parts are completed.
C. Work is being conducted on the framework in phases, and completed parts will be issued as completed.
D. No elements of the framework will be issued in 2010. – C. Work is being conducted on the framework in phases, and completed parts will be issued as completed.
The right side of an account is referred to as the: – D. Credit side
Stakeholders of a not-for-profit entity – may want financial accounting reports would include taxpayers, contributors, lenders, managers, financial analysts, attorneys, and beneficiaries
Oppоrtunistic infectiоns cаn оccur becаuse the orаl microflora is affected by changes such as a decrease in salivary flow, immune system alterations, or antibiotic administration.
internal controls? – they aim to make sure companies are following the rules of GAAP.
Balance Sheets – A financial statement that reports assets, liabilities, and owner's equity on a specific date.
New Retained Earnings Figure – Retained earnings+ Net income (dividends)=