Uil Accounting

beginning inventory – The merchandise a business has on hand at the beginning of a fiscal period
Balance sheet – Describes a company's financial position (types and amounts of assists, liabilities, and equity) at a point in time.
Fair Value Principle – Assets and liabilities should be reprted at fair value
Credit – The right side of a standard account
Liability – a debt owned by a firm to an outside organization or individual
cash balance per bank statement – deposits in transit and outstanding checks
To what does the phrase on account refer? – Buying items or services and paying for them at a future date
sales invoice – a invoice used as a source document for recording a sale on account
Steps up until the Unadjusted Trial Balance – Journalize debits and credits
Posts accounts to general ledger
you get the debits and credits together and add or subtract them in the unadjusted trial balance
Marlow Company purchased a point of sale system on January 1 for $3,400. This system has a useful life of 10 years and a salvage value of $400. What would be the depreciation expense for the first year of its useful life using the double-declining-balance method?
What are the steps for proving the adjustments columns of a worksheet? – 1. Draw a single line
2. Total up the debits and credits
3. Draw a double line
TEST!! Company side that ends up there – Anything recorded in the bank that is not in the financial statements yet
Mаrlоw Cоmpаny purchаsed a pоint of sale system on January 1 for $3,400. This system has a useful life of 10 years and a salvage value of $400. What would be the depreciation expense for the first year of its useful life using the double-declining-balance method?
Declining-balance method of depreciation – Multiplying the book value by a constant depreciation rate at the end of each fiscal period
gap – промежуток ниша
Paid Premium for Insurance policy – Prepaid Insurance: Cash.
Assets.
P.P.I.: Increases.
Cash: Decreases.
Balance Sheet/
Low Operating Leverage – -VC intensive
-low FC, high VC
-low CM ratio
-income is less sensitive to changes in sales volume

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