Weisinger Accounting Ch 5

Equities – Financial rights to the assets of a business
return on equity – net income divided by average stockholders equity measure the income generated per dollar of equity
debit and credit – double entry bookkeeping means an entry is made as a/an
Salary expense is considered to be – An operating expense
Securities and Exchange commission (SEC) – all publicly traded corporations must report periodically to this; set up by congress to protect the public, regulates the issuing, buying, and selling of stocks in the US
Retail Merchandising Business – A merchandising business that sells to those who use or consume the goods.
Current liabilities – debts of a business that are generally paid within one year.
LEAN THINKING MODEL – ORGANIZES RESOURCES AROUND THE FLOW OF BVUSINESS PROCESS AND PULLS UNITS THROUGH THESE PROCESSES IN RESPONSE TO CUSTOMER ORDERS
Some research indicates that obese people have much more lipoprotein lipase activity in their fat cells than lean people do.
internal controls – procedures to protect cash and other assets
Organization may receive payments for services rendered in the form of the assets – Revenue, expenses & Profit
Auditors – Trained individuals hired by a company as an
independent party to express a professional opinion of the
accuracy of that company's financial statements.
Sales Transaction – 4 ACCOUNTS ALWAYS IMPACTED
– Cost of Goods Sold
– Inventory
– Sales Revenue
and
– Cash or
-Accounts Receivable
Perpetual Inventory system – Cost of Goods sold is determined each time inventory is sold
Operating Expenses include….? – SG&A and R&D
tax accounting – vergi muhasebesi
Sоme reseаrch indicаtes thаt оbese peоple have much more lipoprotein lipase activity in their fat cells than lean people do.
reliability – the original amount to purchase land is verifiable through the contract documents
employer payroll taxes – FICA social security; FICA medicare; FUTA; SUTA
Internal control consists of all the related methods and measures adopted within an organization to safeguard its assets and to enhance the accuracy and reliability of its accounting records.
A. True
B. False – TRUE

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