Accountability

Auditors report – Expresses an opinion as to whether the financial statements present fairly the company's results of operations and financial position
expense – outflows from primary activities, decreases to retained earnings
Liability, Balance Sheet, Credit, Permanent – Unearned Revenue
Villa Sales Company had the following amounts related to its business: Beginning inventory, $12,000; Purchases, $42,000; Net sales, $50,000; and Gross profit, $15,000. The amount of the ending inventory is
A. $54,000.
B. $77,000.
C. $19,000.
D. $35,000. – C
Comparative Statement – form can compare more than one year.
FOB shipping point means that the
A. goods are placed free on board to the buyer's place of business.
B. buyer pays the freight.
C. seller pays the freight.
D. common carrier pays the freight. – B
An example of an immunopathologic condition in which one’s own body cells are no longer tolerated is
Petty cash slips – A form showing proof of a petty cash payments
Bilateral Modification – Change to a contract that requires signatures of both the contractor and the contracting officer.
1. time period assumption
2. cost pinciple
3. monetary unit
4. entity
5.going concern – 1.annually , quarterly , monthly SEC REQUIREs this
2. remain at their original cost (referred
to as "historical cost"). recorded dollar amount paid or recieved(how much money from long term asset)
3.only transactions that have economic value are entered into the company's accounting records. current currency
4.only transactions of the company itself are recorded
for the company – that is, financial information of the company is reported separately from its owners.
5.is not in the process of liquidation and will continue to operate
indefinitely into the future
An exаmple оf аn immunоpаthоlogic condition in which one’s own body cells are no longer tolerated is
profit and loss statement – income statement
Ethics – Codes of conduct by which actions are judged as right or wrong, fair or unfair, honest or dishonest. (p.9)
What is a report called that an auditor deems to be not true and fair? – Qualified

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