Cost Accounting Final

International Accounting Standards Board – An accounting standard-setting body that issues standards adopted by many countries outside of the United States
Common Cash inflows – 1. Increase in revenues and additional contribution margin.
2. Reduction in operating costs
3. Proceeds from selling assets that are no longer used.
Straight Line Depreciation – Method that allocates an equal portion of the depreciable cost of plant asset (cost minus salvage) to each accounting period in its useful life.
permanent accounts report on – activitited related to one or more future accounting periods. they carry an ending balance into the next period and generally consist of all balance sheet accounts
wholesale merchandising business – a business that buys and resells merchandise to retail merchandising businesses
purchase requisition – A form to be completed by individuals within a business to request that items or services be purchased.
Patients with inflammation of many muscles have ___________.
all entries made fro the accounts receivable ledger will come from: – sales journal
cash receipts journal or
general journal
common stock – money received from investors in exchange for ownership
Free from error – no errors or ommission in the description
Pаtients with inflаmmаtiоn оf many muscles have ___________.
Adjusting journal entries are made at the end of the period to ensure… – the financial statements reflect all economic events that occurred during the current period
Adjusting entries – An entry of assets and liabilities not initially included in finances

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