Cost Accounting Final

Exempt property – Tangible personal property acquired in whole or in part with Federal funds, where the Federal awarding agency has statutory authority to vest title in the recipient without further obligation to the Federal Government.
End Retained Earnings – Beginning retained earnings + net income – dividends
time/term of note – the period of time from the date of the note to the maturity date
statement of owners equity – details all transactions with the owners of the company during a specific period of time; includes: money owners added to the company in exchange for ownership, dividends, profits and losses of the company
operating activities – explain the cash generated from revenue and the cash paid for expenses
computing operating revenue – 1. Gross revenue is entered as a credit
2. then Sales Returns and allowances are subtracted from Gross Revenue which yields
3. Net Sales
four basic principles – Principles: The measurement principle, also called the cost principle – The revenue recognition principle – The expense recognition principle, also called the matching principle – The full disclosure principle (see pages 11-13)
Non Cash: Loss on sale of assets will – increase
The owner of a business paid cash from his personal checking account to purchase an automobile for his personal use. This transaction: – is not a transaction recognized by the business
Average-cost method – An inventory costing method that uses the weighted-average unit cost to allocate the cost of goods available for sale to ending inventory and cost of goods sold.
Los números Select the correct number. dos mil trescientos [1] ochocientos veinticinco [2] mil quinientos [3] ciento setenta y cinco [4] diez mil [5]  Quinientos [6]  
On Account – An arrangement to allow payment at a later date; also called a charge account or open-account credit.
Maintaining a separate account for sales discounts provides business managers with information to evaluate whether a sales discount is a cost-effective method. – True
Order of Liquidity – 1. Cash
2. Bank (Balance)
3. Accounts Recievable
4. Inventory
5. Supplies
6. Equipment
7. Trucks/Auto/Vehicles
8. Furniture
9. Building
10. Land
Stockholders equity – Акционерный капитал
petty cash slip – form showing proof of a petty cash payment
Lоs númerоs Select the cоrrect number. dos mil trescientos [1] ochocientos veinticinco [2] mil quinientos [3] ciento setentа y cinco [4] diez mil [5]  Quinientos [6]  
reversing entries – sztornírozás

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