Accounting General Journal, 9e: Chapter 01

inventory turnover – measures liquidity of inventory
limited liability company – Form of business organization with limited liability and has pass-through tax advantages
In a check transaction, the bank is the: – Drawee
Temporary Accounts – accounts used to accumulate information until it is transferred to the owner's capital account
Subsidiary ledger – A ledger that is summarized in a sugar general ledger account
liability – amount owed by business
The large number of alveoli in lungs improve diffusion by _____.
external transactions – exchanges of value between 2 entities
Sale of Treasury Stock Effects – increase assets
no effect on liabilities
increase stockholders' equity
Property plant and equipment – Balance sheet (heading)
tangilble long-lived assets used in regular operations of the business. (land, buildings, machinery, capitalized leases) LESS: accumulated depreciation
no-par value stock – common stock that has not been assigned a par value
Federal income tax payable – Liabilities
confidentiality – titoktartás
11. A company breaks even in all of the following cases except
1. Its total cost exactly equals its total revenues
2. Its net income is zero
3. Its total revenues exactly equal its fixed costs
4. Its total contribution margin exactly equals its fixed costs – 3. Its total revenues exactly equal its fixed costs
The lаrge number оf аlveоli in lungs imprоve diffusion by _____.
FASB – Private sector group that sets the broad and specific
Cash flows from investing activities – Cash flows from transactions that affect investments in the noncurrent assets of the company
capital (net worth; owner's equity; proprietorship) – the amount by which the total assets exceed the total liabilities of a business; an owner's financial interest in a business

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