Accounting 1: Chapter 1 Century 21 9e

A retail store buys t-shirts for $125 and sells them for $160. The store's cost of goods sold would be: – $125
accumulated depreciation – the total amount of depreciation expense that has been recorded since the purchase of a plant asset.
Control over Cash Payments – Procedures to protect cash payment abuse might include
Paid occupancy % – Sold rooms / rooms available x 100%
What are some factors that affect a company's control environment? – 1. the integrity, ethical values, and compentence of the company's personnel
2. management's philosophy and operating style
3. management's assignment of authority and responsibility
4. prodcedures for the hiring and training of personnel and
5. oversight by the board of directors
normal balance of an account – the side that will increase the account
Statement of cash flows—identifies cash inflows (receipts) and cash outflows (payments) over a period of time. – d.
In the Holy Roman Empire, this war pitted Catholics and Protestants against one another.
Cash Flow to Sales – Net cash flows from operating activities divided by sales revenue.
Conceptual Framework for Financial Reporting: Third Level: The "_____ " – "How" implementation
Depreciable Base = ______ – ___________________ – Cost – Anticipated depreciation value
notes payable – when account payable is being converted we debit account payable (reducing it) then credit note payable for that amount
editor – One who prepares bools or magazines for publications by checking and correcting the texts.
In the Hоly Rоmаn Empire, this wаr pitted Cаthоlics and Protestants against one another.
Periodic inventory system – An inventory system under which the company does not keep detailed inventory records throughout the accounting period but determines the cost of goods sold only at the end of an accounting period.

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