Accounting 202 Chapter 10

manufacturing – change basic inputs into products sold to customers
A company whose goal is zero defects would usually treat all spoilage as abnormal. – True
Assets turnover – sales revenue / average total assets
Asset – Assets are resources that the entity has purchased in the past and has present control over in order to create future economic benefit.
If there was limited capacity, all of the following amounts would change EXCEPT:
a. opportunity costs
b. differential costs
c. variable costs
d. the minimum acceptable price – c. variable costs
Owners equity – The amount remaining after the value of liabilities is subtracted from the assets value
Non-Cash investing and Financing Activities – Important investing and financing activities that do not affect cash.
Any effort to relieve or lessen pain, including pain signal blocks, electrical stimulation, exercise, or biofeedback, is referred to as pain:
Are the company's operations profitable? – Income statement
Auditing – Checking the accuracy of a business's accounting system to check and report on whether accounting records are properly kept and show a true and fair view of the financial performance, cash flows and financial position of the entity
Endorsement – A signature or stamp on the back of a check transferring ownership
__________ costing is a cost management system that measures the cost of products, services, and customers.
a. Job
b. Process
c. Normal
d. All of these answers are correct. – d. All of these answers are correct.
Any effоrt tо relieve оr lessen pаin, including pаin signаl blocks, electrical stimulation, exercise, or biofeedback, is referred to as pain:
public accounting – the field of accouting where accountants and their staff provide services on a fee basis
T-ACCOUNT – SUMMARY DEVICE THAT IS SHAPED LIKE A CAPITAL "T" WITH DEBITS POSTED ON TEH LEFT SIDE AND CREDITS ON THE RIGHT SIDE. A "SHORTHAND" VERSION OF A LEDGER

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