A PLUS EXCEL

accounting - info system that measures business activities, processes info into reports/fin statements and communicates the results to decision makers financial accounting - branch of accounting that provides info to external users managerial accounting - branch of accounting that provides info to internal users FASB - Financial Accounting Standards Board ---sets accounting standards in the U.S. GAAP - Generally Accepted Accounting Principals IFRS - International Financial Reporti...

organization to interested users. uses 4 financial statements Accounting Assumptions - 1. monetary units- expressed in terms of money 2. economic entity- every entity can be separately identified and corporations and separate entities than the owners 3. periodicity-artificial time periods concern-continue operating into foreseeable future al basis- record transactions in periods they occur Accounting Info System - the system of collecting and processing transactional data and comm...

A company has sales of $695,000 and cost of goods sold of $278,000. Its gross profit equals - 417,000 (Gross Margin= Sales-Cost of Goods Sold) Merchandise inventory - is a current asset The current period's ending inventory is - The next period's beginning inventory Beginning inventory plus net purchases is - Merchandise (goods) available for sale A company uses the perpetual inventory system and recorded the following entry: Accounts Payable 2,500 Merchandise Inventory 50 Cash...

cost of goods sold, including fixed indirect manufacturing costs - Q: The term "gross margin" for a manufacturing firm refers to the excess of sales over: period cost - Q: Doran Technical Company has set up a toll-free telephone line for customer inquiries regarding computer hardware produced by the company. The cost of this toll-free line would be classified as which of the following? false - True or False? The primary goal of the cost accounting system is to provide managers with infor...

Differences between Financial and Managerial Accounting - There are seven key differences between financial accounting and managerial accounting: Users: Financial accounting reports are prepared for external parties, whereas managerial accounting reports are prepared for internal users. Emphasis on the future: Financial accounting summarizes past transactions. Managerial accounting has a strong future orientation. Relevance of data: Financial accounting data should be objective and verifia...

True or False General accounting principles stem from long-used accounting practices. - True True or False An external transaction is an exchange within an entity that may or may not affect the accounting equation. - False True or False The Sarbanes-Oxley Act (SOX) does not require public companies to apply both accounting oversight and stringent internal controls. - False True or False In the partnership form of business, the owners are called stockholders. - False True ...

Managerial Accounting - Focuses on providing information for internal purposes (those who work for the organization), such as managers and employees Financial Accounting - Focuses on providing information for external purposes (those outside of the organization), such as investors, creditors, and customers Williams Travel Services pays $100 cash for salaries expense, how would this affect the accounting equation? - Assets decrease (cash decreases) and Equity decreases (expenses, salaries e...

Contributed Capital(Under title of "common stock") - Refers to the amount that stockholder's invest in company Define a jornal - Gives a complete record of each transaction in one place Define Accounting - A system that identifies, records, communications information that is relevant, reliable, comparable about an organization's business activities Define adjusting entry - Made at the end of an accounting period to reflect a transaction or event that is not yet recorded -Necessary ...

"Realized Income" - income from a transaction with a second party where there is a measurable change in property rights between parties A tax imposed on a legal product or service that may be addictive in nature is known as a(n): - Sin Tax Annuity: - it is an investment that pays a stream of equal payments over time; it is a means of generating a fixed income stream during retirement Arlene is single and has taxable income of $18,000. Her tax liability is currently $2,236. She has the...

Which of the following are period costs? a. Raw materials b. Direct materials and direct labor c. Direct labor and manufacturing overhead d. Selling expenses - d The managerial function of controlling a. is performed only by the controller of a company. b. is only applicable when the company sustains a loss. c. is concerned mainly with operating a manufacturing segment. d. includes performance evaluation by management. - d Cost of goods sold a. only appears on merchandis...