Expense is a cost that is _______________?
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Consumed
What are accrued expenses?
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This is where the company must record items that have accrued or that they
have incurred but will pay in a later period. Examples include: interest,
salaries, etc.
If you have interest expense it will be interest payable; if it's salaries
expense it will be salaries payable and so on.
,what are the two types of entries in chapter 4?
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Defferals and Accruals
How many journal entries does every sale require?
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two
How do you calculate interest?
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face value X interest rate X time = interest
How to record a sales and return allowance.
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sales and return allowance XXX
Accounts recievable
XXX
inventory
XXX
, Cost of Goods Sold
XXX
What is revenue recognization principle?
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where companies recognize revenue in the period where service was
preformed or goods sold.
What does profit margin ratio tell us?
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for every dollar is sales we have this many cents net income.
What are the normal balance of accounts?(remember it's whichever side increases the
account).
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Assets, Expenses & Dividends - normal balance is debit
Liabilities, Revenue, Contributed Capital &
Retained earnings - normal balance is credit
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Consumed
What are accrued expenses?
Give this one a try later!
This is where the company must record items that have accrued or that they
have incurred but will pay in a later period. Examples include: interest,
salaries, etc.
If you have interest expense it will be interest payable; if it's salaries
expense it will be salaries payable and so on.
,what are the two types of entries in chapter 4?
Give this one a try later!
Defferals and Accruals
How many journal entries does every sale require?
Give this one a try later!
two
How do you calculate interest?
Give this one a try later!
face value X interest rate X time = interest
How to record a sales and return allowance.
Give this one a try later!
sales and return allowance XXX
Accounts recievable
XXX
inventory
XXX
, Cost of Goods Sold
XXX
What is revenue recognization principle?
Give this one a try later!
where companies recognize revenue in the period where service was
preformed or goods sold.
What does profit margin ratio tell us?
Give this one a try later!
for every dollar is sales we have this many cents net income.
What are the normal balance of accounts?(remember it's whichever side increases the
account).
Give this one a try later!
Assets, Expenses & Dividends - normal balance is debit
Liabilities, Revenue, Contributed Capital &
Retained earnings - normal balance is credit
