Financial And Managerial Accounting Chapter 1 Terms

Accounting System – A planned process for providing financial information that will be useful to management.
Sunk cost – any costs that has already been incurred and cannot be changed by any decision made now or in the future
component percentage – the percentage relationship between one financial statement item
and the total that includes that item
Temporary Accounts – revenues, expenses, and withdrawal accounts
Sale on Account – A sale for which cash will be received at a later date.
TIME PERIOD ASSUMPTION – Assumption that an organization's activities can be divided into specific time periods such as months, quarters, or years
Account title – The given to an account
Electronic funds transfer – a computerized cash payments systems that uses electronic impulses to transfer funds
accounting record – muhasebe kaydı
Joan is working with a client using Foresight.  The client is aggressive, and prefers a high risk/high reward strategy.  This is indicative of:
Certified Public Accountant – An individual certified to practice public accounting in a state
effective date – yürürlülük tarihi
capital – the account used to summarize the owner's equity in a business
Special endorsement – An endorsement indicating a new owner of a check
postimg-closing trial balance – a trial balance prepared after the closing entries are posted
Jоаn is wоrking with а client using Fоresight.  The client is аggressive, and prefers a high risk/high reward strategy.  This is indicative of:
The Continuing Concern Concept – -assumes that a business will continue to operate unless it is specifically known that it will end
-also known as the "Going Concern Concept"
In a normal costing system, the Manufacturing Overhead Control account:
a. is increased by allocated manufacturing overhead
b. is credited with amounts transferred to Work-in-Process
c. is decreased by allocated manufacturing overhead
d. is debited with actual overhead costs – d. is debited with actual overhead costs
terms of sale – an agreement between a buyer and a seller about payment for merchandise
Closing the books – the process of moving the revenue, expense, and divided account balances to retained earnings

This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply