Accounting 1: Chapter 1 Century 21 9e

when recording a sales return, sales tax is: – debited
The accountant for Exeter Corp. failed to make the adjusting entry to record depreciation for the current year. The effect of this error is:
A) Assets and expenses are understated; net income is understated
B) Assets, net income, and stockholders equity are all overstated
C) Assets are overstated; and stockholders equity are all overstated
D) Net income is overstated and liabilities are understated – B) Assets, net income, and stockholders equity are all overstated
Liability – An amount owed by a business is called a liability
adjustments – changes recorded on a work sheet to update general ledger accounts at the
end of a fiscal period
bull – an investor who buys stocks and gambles on selling it at a higher price
An appropriate cost driver for shipping costs might be the number of units shipped. – True
Managerial Accounting – Information intended to serve the specific needs of management.
In leukemia, the presence of immature malignant cells is classified as __________.
Financial – Reports for "outside" users (Bank)
Source Document – a business paper from which information is obtained for a journal entry
intangible assets – lack physical substance and are not financial instruments (patents, copyrights, franchises, goodwill, trademarks, trade names, and customer lists)
Which of these statements regarding the IFRS and U.S. GAAP is correct?

A. Both US GAAP and IFRS are considered to be "rules-based", but US GAAP tends to be more complex

B. US GAAP is considered to be "rules-based" and less detailed than IFRS

C. US GAAP is considered to be "principles-based" and more detailed than IFRS

D. IFRS is considered to be "principles-based" and less detailed than US GAAP – D. IFRS is considered to be "principles-based" and less detailed than US GAAP

FOB SHIPPING POINT – buyer responsible for shipping and any damages during transit; buyer takes ownership when goods depart sellers place of business.
activity base – factory overhead cost are allocated to job using a common measure related to each job
Statement of Financial Position (Balance Sheet) – A statement setting out the assets, liabilities and owner's equity of a business at a given point in time.
In leukemiа, the presence оf immаture mаlignant cells is classified as __________.
Equation for Assests – Assets = Liabilities + Common stock + Retained earnings – Dividends + Net profit + Minority interest

This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply