sales invoice – A document that provides support for each sale.
Process-costing systems separate costs into cost categories according to the timing of when costs are introduced into the process. – True
Balance Sheet – list of assets, liabilities, and owners equity as of a specific date
27.Expense recognition – is recognized in the period in which related revenue is recognized (Matching Principle).
Can management influence the ratios that measure liquidity – Yes
Cost of sales – Cost price with mark up value
Interest Payable – 1. Liability
2. Balance Sheet
3. Credit
4. Permanent
Product Costs Consist of: – Direct materials; Direct Labor; Manufacturing Overhead
Sentence nine is a/n
Journal entry for accured expenses – dr: accured expense XX
cr: accounts payable
dr: accounts payable
cr: cash
The Realization Principle (Revenue Principle) – The business will report revenue only when realized, i.e. when activities related to selling goods or services are complete and cash collection is reasonably likely, not simply when cash is received.
Chart of accounts – A list of accounts used by a business
Fiscal period – the length of time for which a business summarizes and reports financial information
cost of goods manufacturing – make the good, the total cost of making products that are available for sale during the period
Sentence nine is а/n
Equities – financial rights to a business's assets
Plant assets – Tangible assets that are both long-lived and used to produce or sell products or services. Examples include equipment, machinery, buildings, and land that are used to produce or sell products and services.

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