Accounting II Competency Questions 61-70
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Created by:
dmphmo1986 on January 13, 2012
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Accounting II Competency Questions 61-70
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10 terms
Terms | Definitions |
|---|---|
 Indirect materials | The indirect factort expenses such as indirect labor, taxes, deprecarion, and insurance are included in ________. |
| Credit/debit | The entry to close the factory overhead account with under applied overhead is _______ factory overhead and ______ income summary. |
| Income statement | A statement showing details about the cost of dinished goods is called a _____________. |
| Work in process, and merchandise | In a manufacturing business, the inventories listed on the balance sheet are materials, _________. |
| Does nothing to | Any change in the number of partner's _______ an existing partnership agreement. |
| A partnership agreement | The right of all partners to contract for a partnership is called ________. |
| Credited for $10,000.00 | Partners A and B each have $30,000.00 equity in a partnership and changes in equilty are shared equally. A new partner pays each existing partner $10,000.00 personally for one-third share in the partnership. Partner A, capital is __________. |
| Debit cash,credit capital | To record an inital investment of cash for a partnership you would ___________. |
| Cash / partner A, capital | The accounts affecred by a transaction in which cash is received from partner A as an initial investment are debit _______ and credit ______. |
| Realization | Cash received from the sale of assets duing liquidation of a partnership is called _________. |
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