Weisinger Accounting Ch 5

Perpetual inventory – A merchandise inventory determined by keeping a continuous record of increases, decreases, and balance on hand
Depreciation Expense – …Is a Debit balance account.
relevance – should include all information that s useful for decision making and exclude information that is not
How are stock dividends paid? – by issuing shares of stock
Residual Value – Is the estimated amount to be recovered by the company at the end of the asset's estimated useful life.
statement of cash flows – A statement intended to show how cash is generated and expended during a specific period of time.
Double-Entry System – An accounting system that involves recording the effects of each transaction as debits and credits.
Cash flow accounting – reports cash receipts and disbursements as they occur
Arbitrary timing of reporting
Mismatching of inflows and outflows
¡Viaje fin de curso! You have won the LinguaMeeting semester contest and, ¡surprise!, not only do you get free En Vivo sessions next semester, but you also receive an all-expense paid vacation to one of the coaches' home town. Complete the activities below to decide where you would like to go.
Operating (Cash to Cash) Cycle – time it takes for a company to pay cash to its suppliers, sell goods and services to customers, and collect cash from customers
17. The form of business organization that is legally separate from its owners is a:
A. Partnership.
B. Sole proprietorship.
C. Corporation.
D. Separation entity. – C. Corporation.
Committed Cost – Management does not have an option; Investments in facilities and equipment used in day to day operations are committed costs. These costs must be incurred or the company cannot operate. Long term in nature
Chronological order – The book of original entry is in
Payee – a person or company who will receive payment on a promissory note, check, draft or money order is called the
¡Viаje fin de cursо! Yоu hаve wоn the LinguаMeeting semester contest and, ¡surprise!, not only do you get free En Vivo sessions next semester, but you also receive an all-expense paid vacation to one of the coaches' home town. Complete the activities below to decide where you would like to go.
Revenue Principle – recognizes revenue when it's earned.
Increase in a current liability… – Increases cash
ICLICKER Revenue recognition principle states that – B
Notes Receivable – A written promise that a customer will pay a fixed amount of principal plus interest by a certain date in the future.
What is capital stock that has been assigned a value per share in corporate charter called? – Par value

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