Weisinger Accounting Ch 4

Current Ratio – Current Assets / current liabilities
Costing systems with multiple cost pools are considered ABC systems. – False
Corporation – Business that is a separate legal entity under state or federal laws with owner called shareholders or stockholders
All of the following represent costs of providing financial information except – accessing capital
Revenue increase with – Credit
IVA responsable inscripto – V A T registered tax payer
corporation – A business owned by stockholders who share in its profits but are not personally responsible for its debts
Bill of materials – a document that shows the quantity of each type of direct material required to make a product
Which of the following was NOT observed by Galileo?
Financial Expenses – those relating to the funds of the business.Eg interest on loan
Assets taken from the business for the owner's personal use – Withdrawals
Which оf the fоllоwing wаs NOT observed by Gаlileo?
83. Independent auditors express an opinion on the:
A. Fairness of financial statements.
B. Amount of income taxes a company owes to the government.
C. Quality of the company's products.
D. Quality of a company's workforce. – A. Fairness of financial statements.
public accounting – the field of accouting where accountants and their staff provide services on a fee basis
reconciling the bank statement – The process of determining any differences between a bank statement balance and a checkbook balance.
Current Liabilities include – short term notes payable
accrued expenses
accounts payable
unearned revenue
____ payable
income taxes payable
current portion of L/T debt

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