ACCT Final Terms

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Terms in this set (27)
The matching concept is
Recording all expenses incurred in generating the revenues of a period
When a company declares a dividend, journal entries will be necessary on
Date of declaration and date of payment
An "operating lease" is really
A temporary rental of something
When a business issues common stock for cash, which of the following occurs?
An asset account increases and an owners equity account increases
An increase in accumulated depreciation
Decreases total assets
The thing the brain wants most is
To survive
Which of the following decreases retained earnings?
Dividends, supplies expense, rent expense, COGS
Allowance for Doubtful Accounts is a
Contra account
Depreciation expense
Reduced reported income but does not involve an outflow of cash
Which account will never be included in a closing journal entry
Cash
Treasury Stock is aContra accountThe average collection period measuresHow long it takes a company to collect its receivablesThe rules by which we prepare financial statements in the United States are collectively known asGAAPA lease which is renting something for a short time is:An operating leaseIf the FFI bonds are issued to yield 12%, the face interest rate of 8% is also known asThe coupon rateAccording to the article "How You Speak Shows Where You Rank," a person who has power willOpenly argues their pointWhich of the following groups contain only assets?Equipment, security deposit, inventoryCurrent Liabilities are:Liabilities that will have to be paid within one yearAccording to the article "What It Takes to be Great", the best people in any fieldDevote the most hours to "deliberate practice"The accounting equation isAssets = Liabilities + Owners EquityItems that go in the "Other Revenue and Expense" section of the income statement include:Interest expense and interest revenueWhich account will never be included in a closing journal entry?Wages PayableInternal control isPolicies and procedures you put in place to control cashA Ponzi Scheme isTaking money from new investors to pay off old investorsThe relevant rangeA range of volume over which a company can reasonably expect selling price per unit, variable cost and total fixed costs to be constantManagerial accounting isfocus on cost-volume-profit analysisGoodwill isThe portion of the purchase price of a business that exceeds the fair market value of the net assets purchased. Also an intangible asset