temporary – Closing entries are necessary for this type of accounts only:
cash basis accounting – records revenue when cash is received and expenses when cash is paid
Which of the following would not be considered a merchandising company? – C. Service Firm
24. The owners' interest in a corporation is called:
D. Stockholders' equity. – D. Stockholders' equity.
Contra Revenue Account – An account that is offset against a revenue account on the income statement.
49. Nina Corp. had the following net income (loss) the first three years of operation: $7,100, ($1,600), and $3,600. If the Retained Earnings balance at the end of year three is $1,100, what was the total amount of dividends paid over these three years?
D. $8,000. – D. $8,000.
Face of note – the principal sum the maker of a note promises to pay.
Limited liability company – A business organization in which the business (not the owner) is liable for the company's debts.
Net Loss – Expenses> total revenue
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Contribution Margin Ratio – Contribution Margin / Sales
Consignor – The person or business concern by whom a shipment is made
Accounting system – a planned process for providing financial information that will be useful to management
asset: anything of value that is owned
Companies that use IFRS:
A. may report property, plant, and equipment and natural resources at fair value.
B. must report all their assets on the statement of financial position (balance sheet) at fair value.
C. may refer to a concept statement on estimating fair values when market data are not available.
D. may only use historical cost as the measurement basis in financial reporting. – A. may report property, plant, and equipment and natural resources at fair value.
three things accounts do – determine economic transaction, identify accounts affected, journalize transactions
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Temporary Accounts – Flow elements. Revenue, expenses, gains, losses
cash sale – A sale in which cash is received for the total amount of the sale at the time of the transaction
Market Capitalization – =share price*shares outstanding
67. Which of the following statements is NOT correct about the financial statements?
A. An income statement reports revenues, expenses, and net income information.
B. The statement of stockholders' equity presents common stock, dividends, and retained earnings information.
C. A balance sheet reports assets, liabilities, revenues, and expenses.
D. The statement of cash flows shows cash inflows and outflows from operating, financing, and investing activities. – C. A balance sheet reports assets, liabilities, revenues, and expenses.