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Study sets matching "accounting chapter 11"

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Study sets matching "accounting chapter 11"

22 terms
Chapter 11 Accounting
Internal Controls
External Controls
Checking Account
Check
Procedures within the business that are designed to protect c…
Measures and Procedures provided outside the business to prot…
allows a person or business to deposit cash in a bank and to…
A written order from a depositor telling the bank to pay a st…
Internal Controls
Procedures within the business that are designed to protect c…
External Controls
Measures and Procedures provided outside the business to prot…
22 terms
Accounting Chapter 11
Internal Controls
External Controls
Checking Account
Check
Procedures within the business that are designed to protect c…
Measures and Procedures provided outside the business to prot…
Allows a person or business to deposit cash in a bank and to…
A written order from a depositor telling the bank to pay a st…
Internal Controls
Procedures within the business that are designed to protect c…
External Controls
Measures and Procedures provided outside the business to prot…
11 terms
Accounting Chapter 11 Review
general journal
credit memorandum
sales return
board of directors
A journal with two amount columns in which all kinds of entri…
A form prepared by the vendor showing the amount deducted for…
Credit allowed to a customer for the sales price of returned…
A group of persons elected by the stockholders to govern a co…
general journal
A journal with two amount columns in which all kinds of entri…
credit memorandum
A form prepared by the vendor showing the amount deducted for…
6 terms
Accounting - Chapter 11
accounts payable ledger
accounts receivable ledger
controlling account
schedule of accounts payable
A subsidiary ledger containing only accounts for vendors from…
A subsidiary ledger containing only accounts for charge custo…
An account in a general ledger that summarizes all accounts i…
A listing of vendor accounts, account balances, and total amo…
accounts payable ledger
A subsidiary ledger containing only accounts for vendors from…
accounts receivable ledger
A subsidiary ledger containing only accounts for charge custo…
9 terms
Accounting Chapter 11 Vocabulary
subsidiary ledger
accounts payable ledger
accounts receivable ledger
controlling account
A ledger that is summarized in a single general ledger account.
A subsidiary ledger containing only accounts for vendors from…
A subsidiary ledger containing only accounts for charge custo…
An account in a general ledger that summarizes all accounts i…
subsidiary ledger
A ledger that is summarized in a single general ledger account.
accounts payable ledger
A subsidiary ledger containing only accounts for vendors from…
6 terms
Accounting Chapter 11 Vocabulary
accounts payable ledger
accounts receivable ledger
controlling account
schedule of accounts payable
a subsidiary ledger containing only accounts for vendors from…
a subsidiary ledger containing only accounts for charge custo…
an account in a general ledger that summarizes all accounts i…
a listing of vendor accounts, account balances, and total amo…
accounts payable ledger
a subsidiary ledger containing only accounts for vendors from…
accounts receivable ledger
a subsidiary ledger containing only accounts for charge custo…
40 terms
Accounting II Chapter 11-13
general journal
purchases return
purchases allowance
debit memorandum
a journal with two amount columns in which all kinds of entri…
credit allowed for the purchase price of returned merchandise…
credit allowed for part of the purchase price of merchandise…
a form prepared by the customer showing the price deduction t…
general journal
a journal with two amount columns in which all kinds of entri…
purchases return
credit allowed for the purchase price of returned merchandise…
11 terms
Accounting: Chapter 11 Vocab
general journal
purchases return
purchases allowance
debit memorandum
a journal with two amount columns in which all kinds of entri…
credit allowed for the purchase price of returned merchandise…
credit allowed for part of the purchases price of merchandise…
a form prepared by the customer showing the price deduction t…
general journal
a journal with two amount columns in which all kinds of entri…
purchases return
credit allowed for the purchase price of returned merchandise…
29 terms
Accounting I - Chapter 11
internal controls
external controls
checking account
check
procedures to protect cash and other assets
procedures outside the business to protect cash and other ass…
allows a person/business to write checks against cash in a bank
a written order telling the bank to pay a stated amount
internal controls
procedures to protect cash and other assets
external controls
procedures outside the business to protect cash and other ass…
34 terms
Accounting Chapter 11
Which of the following is not true of…
Which of the following principles best…
Depreciation is a:... means of recording…
All of the following are economic fact…
Depreciation lowers the book value of the asset as it ages an…
Systematic and rational allocation
means of allocating the cost of a tangible asset to each of t…
wear and tear.
Which of the following is not true of…
Depreciation lowers the book value of the asset as it ages an…
Which of the following principles best…
Systematic and rational allocation
11 terms
Accounting - Chapter 11
Board Of Directors
Credit Memorandum
Debit Memorandum
Declaring A Dividend
A group of persons elected by the stockholders to govern a co…
A form prepared by the vendor showing the amount deducted for…
A form prepared by the customer showing the price deduction t…
Action by a board of directors to distribute corporate earnin…
Board Of Directors
A group of persons elected by the stockholders to govern a co…
Credit Memorandum
A form prepared by the vendor showing the amount deducted for…
6 terms
Accounting Chapter 11
subsidiary ledger
accounts payable ledger
accounts receivable ledger
controlling account
a ledger that is summarized in a single general ledger account
a subsidiary ledger containing only accounts for vendors from…
a subsidiary ledger containing only accounts for charge custo…
an account in the general ledger that summarizes all accounts…
subsidiary ledger
a ledger that is summarized in a single general ledger account
accounts payable ledger
a subsidiary ledger containing only accounts for vendors from…
71 terms
Accounting Chapter 11
D
B
A
D
22. The factors that need to be determined to compute depreci…
23. The depreciable base for an asset is: ... ... A. Its service…
24. Depreciation, depletion, and amortization: ... ... A. All ref…
25. Gains on the cash sales of fixed assets:... ... A. Are the ex…
D
22. The factors that need to be determined to compute depreci…
B
23. The depreciable base for an asset is: ... ... A. Its service…
29 terms
Accounting Chapter 11
automated teller machine (ATM)
bank service charge
bank statement
bankcard
computer terminal where account holders can conduct various b…
a fee the bank charges for maintaining bank records and proce…
an itemized record of all the transactions in a depositor's a…
a bank-issued card honored by many businesses that can be use…
automated teller machine (ATM)
computer terminal where account holders can conduct various b…
bank service charge
a fee the bank charges for maintaining bank records and proce…
12 terms
Accounting - Chapter 11 - Terms
Board of directors
Credit memorandum
Debit memorandum
Declaring a dividend
A group of persons elected by the stockholders to govern a co…
A form prepared by the vendor showing the amount deducted for…
A form prepared by the customer showing the price deduction t…
Action by a board of directors to distribute corporate earnin…
Board of directors
A group of persons elected by the stockholders to govern a co…
Credit memorandum
A form prepared by the vendor showing the amount deducted for…
19 terms
Financial Accounting Chapter 11
Authorized Shares
Common Stock
Cumulative Dividend Preference
Current Dividend Preference
Maximum number of shares of a corporation's capital stock tha…
The basic voting stock issued by a corporation.
Preferred stock feature that requires specified current divid…
The feature of preferred stock that grants priority to prefer…
Authorized Shares
Maximum number of shares of a corporation's capital stock tha…
Common Stock
The basic voting stock issued by a corporation.
26 terms
Chapter 11 Accounting
Additional Paid- in capital
Board of directors
Book value per share
Capital stock
Account showing the amounts invested in a corporation by stoc…
Persons elected by common stockholders to direct the affairs…
the stockholders equity represented by each share of common s…
transferable units of ownership in a corporation. A broad ter…
Additional Paid- in capital
Account showing the amounts invested in a corporation by stoc…
Board of directors
Persons elected by common stockholders to direct the affairs…
22 terms
Managerial Accounting Chapter 11
Asset Turnover
Cost-Based Transfer Prices
Decentralization
Decentralized Company
The ratio of sales divided by an investment base, which measu…
Prices that are based on production costs and used to... transfe…
The delegation of decision-making authority to lower manageri…
A company in which operating subunits are created with... defini…
Asset Turnover
The ratio of sales divided by an investment base, which measu…
Cost-Based Transfer Prices
Prices that are based on production costs and used to... transfe…
29 terms
Chapter 11 Accounting
Internal Controls
External Controls
Checking Account
Check
Procedures within the business that are designed to protect c…
Measures and Procedures provided outside the business to prot…
allows a person or business to deposit cash in a bank and to…
A written order from a depositor telling the bank to pay a st…
Internal Controls
Procedures within the business that are designed to protect c…
External Controls
Measures and Procedures provided outside the business to prot…
12 terms
Accounting I Chapter 11 Key Terms
Board of Directors
Credit Memorandum
Debit Memorandum
Declaring a dividend
A group of persons elected by the stockholders to govern a co…
A form prepared by the vendor showing the amount deducted for…
A form prepared by the customer showing the price deduction t…
Action by a board of directors to distribute corporate earnin…
Board of Directors
A group of persons elected by the stockholders to govern a co…
Credit Memorandum
A form prepared by the vendor showing the amount deducted for…
29 terms
Accounting I ~ Chapter 11 Vocabulary
automated teller machine (ATM)
bankcard
bank service charge
bank statement
Computer terminal where account holders can conduct various b…
A bank- issued card honored by many businesses than can be us…
A fee the bank charges for maintaining bank records and proce…
An itemized record of all the transactions in a depositor's a…
automated teller machine (ATM)
Computer terminal where account holders can conduct various b…
bankcard
A bank- issued card honored by many businesses than can be us…
22 terms
Accounting Chapter 11 Glencoe
bank service charge
bank statement
restrictive endorsement
canceled check
A fee for maintaining bank records and processing bank statem…
An itemized record of all the transactions in a depositor's a…
limits how a check may be handled and protects a check from b…
a check paid by the bank, deducted from the depositor's accou…
bank service charge
A fee for maintaining bank records and processing bank statem…
bank statement
An itemized record of all the transactions in a depositor's a…
18 terms
Accounting for Payroll - Chapter 11
Employee
Indepentdent Contractor
Fair Labor Standards Act
Minimum Wage
is under direct control of the employer on a continuing basis
agrees to perform and complete a specific job or task and is…
establishes minimum wage, overtime pay, child labor, required…
is the lowest hourly rate that can be paid to employees cover…
Employee
is under direct control of the employer on a continuing basis
Indepentdent Contractor
agrees to perform and complete a specific job or task and is…
14 terms
Accounting Chapter 11
Contingent Liabilities
Current Position Analysis
Defined benefit plan
Defined contribution plan
Some liabilities may arise from past transactions only if cer…
Helps creditors evaluate a company's ability to pay its curre…
The company pays the employee a fixed annual pension based on…
The company invests contributions on behalf of the employee d…
Contingent Liabilities
Some liabilities may arise from past transactions only if cer…
Current Position Analysis
Helps creditors evaluate a company's ability to pay its curre…
37 terms
Accounting - Chapter 11
First step to forming a corporation
More than 1/2 of the largest companies…
After an application is approved, the…
Stockholders' Equity =
File an application of incorporation.
Incorporated in Delaware.
A Charter or Articles of Incorporation - which create the cor…
Contributed Capital + Retained Earnings
First step to forming a corporation
File an application of incorporation.
More than 1/2 of the largest companies…
Incorporated in Delaware.
34 terms
Accounting Chapter 11
Three benefits stock ownerships are
Authorized number of shares
Issued shares
Outstanding shares
Benefits of stock ownership, 1)voice in mgmt *majority stock…
Max number of common shares that can be sold.
Stock sold to public
Shares held by individ stock holders
Three benefits stock ownerships are
Benefits of stock ownership, 1)voice in mgmt *majority stock…
Authorized number of shares
Max number of common shares that can be sold.
11 terms
Accounting 2 Chapter 11
purchases allowance
credit memorandum
board of directors
declaring a dividend
Credit allowed for part of the purchase price of merchandise…
A form prepared by the vendor showing the amount deducted for…
A group of persons elected by the stockholders to govern a co…
Action by a board of directors to distribute corporate earnin…
purchases allowance
Credit allowed for part of the purchase price of merchandise…
credit memorandum
A form prepared by the vendor showing the amount deducted for…
71 terms
Accounting Chapter 11
D
B
A
D
22. The factors that need to be determined to compute depreci…
23. The depreciable base for an asset is: ... ... A. Its service…
24. Depreciation, depletion, and amortization: ... ... A. All ref…
25. Gains on the cash sales of fixed assets:... ... A. Are the ex…
D
22. The factors that need to be determined to compute depreci…
B
23. The depreciable base for an asset is: ... ... A. Its service…
71 terms
Intermediate Accounting: Chapter 11
Depreciation
Depletion
Amortization
Factors Involved in the Depreciation P…
Depreciation... The process of allocating the cost of tangible a…
Depletion... The process of allocating the cost of natural resou…
Amortization... The allocation of the cost of intangible assets…
Before establishing a pattern of charges to revenue, a compan…
Depreciation
Depreciation... The process of allocating the cost of tangible a…
Depletion
Depletion... The process of allocating the cost of natural resou…
71 terms
Accounting Chapter 11
D
B
A
D
22. The factors that need to be determined to compute depreci…
23. The depreciable base for an asset is: ... ... A. Its service…
24. Depreciation, depletion, and amortization: ... ... A. All ref…
25. Gains on the cash sales of fixed assets:... ... A. Are the ex…
D
22. The factors that need to be determined to compute depreci…
B
23. The depreciable base for an asset is: ... ... A. Its service…
71 terms
Accounting Chapter 11
D
B
A
D
22. The factors that need to be determined to compute depreci…
23. The depreciable base for an asset is: ... ... A. Its service…
24. Depreciation, depletion, and amortization: ... ... A. All ref…
25. Gains on the cash sales of fixed assets:... ... A. Are the ex…
D
22. The factors that need to be determined to compute depreci…
B
23. The depreciable base for an asset is: ... ... A. Its service…
9 terms
Chapter 11 Accounting
Profit and Loss Account
Balance Sheet
Importance of a balance sheet
Gross Profit Margin
Sales how much money the company sold its goods for... Cost Of S…
Fixed Assets all the valuable items the business owns that it…
What the business can offer when applying for a loan ... working…
(Gross Profit / Sales)*100... If up More profit reason price inc…
Profit and Loss Account
Sales how much money the company sold its goods for... Cost Of S…
Balance Sheet
Fixed Assets all the valuable items the business owns that it…
40 terms
Accounting Chapter 11
Liabilities reported in financial stat…
current liabilities
long-term liabilities
known liabilities
1.Arise from a past transaction or event.... 2.Are a present obl…
Obligations due to be paid or settled within one year or the…
Obligations not due to be paid within one year or the operati…
Obligations of a company with little uncertainty; set by agre…
Liabilities reported in financial stat…
1.Arise from a past transaction or event.... 2.Are a present obl…
current liabilities
Obligations due to be paid or settled within one year or the…
19 terms
Financial Accounting Chapter 11
Authorized Number of Shares
Common Stock
Cumulative Dividend Preference
Current Dividend Preference
The maximum number of shares of a corporation's capital stock…
The basic voting stock issued by a corporation.
The preferred stock feature that requires specified current d…
The feature of preferred stock that grants priority on prefer…
Authorized Number of Shares
The maximum number of shares of a corporation's capital stock…
Common Stock
The basic voting stock issued by a corporation.
11 terms
Accounting 1, Chapter 11
general journal
purchases return
purchases allowance
debit memorandum
A journal with two amount columns in which all kinds of entri…
Credit allowed for the purchases price of returned merchandis…
Credit allowed for part of the purchase price of merchandise…
A form prepared by the customer showing the price deduction t…
general journal
A journal with two amount columns in which all kinds of entri…
purchases return
Credit allowed for the purchases price of returned merchandis…
21 terms
Accounting 221 Chapter 11 Vocabulary
Par value
Legal capital
Stated value
Market value
Arbitrary value assigned to stock by the board of directors;…
Amount of assets that should be maintained as protection for…
Arbitrary value assigned to stock by the board of directors;…
The price at which securities sell in the secondary market; a…
Par value
Arbitrary value assigned to stock by the board of directors;…
Legal capital
Amount of assets that should be maintained as protection for…
13 terms
Accounting 1 - Chapter 11 (10e) Terms & Concepts
General Journal
purchases return
purchases allowance
debit memorandum
a journal with two amount columns in which all kinds of entri…
credit allowed for the purchase price of returned merchandise…
credit allowed for part of the purchase price of merchandise…
a form prepared by the customer showing the price deduction t…
General Journal
a journal with two amount columns in which all kinds of entri…
purchases return
credit allowed for the purchase price of returned merchandise…
14 terms
Accounting Chapter 11
Subsidiary Ledger
Accounts Payable Ledger
Accounts Receivable Ledger
Controlling Account
A ledger that is summarized in a single general ledger account
A subsidiary ledger containing only accounts for vendors from…
A subsidiary ledger containing only accounts for charge custo…
An account in a general ledger that summarizes all accounts i…
Subsidiary Ledger
A ledger that is summarized in a single general ledger account
Accounts Payable Ledger
A subsidiary ledger containing only accounts for vendors from…
6 terms
Accounting Chapter 11
accounts payable ledger
accounts receivable ledger
controlling account
schedule of accounts payable
a subsidiary ledger containing only accounts for vendors from…
a subsidiary ledger containing only accounts for charge custo…
an account in a general ledger that summarizes all accounts i…
a listing of vendor accounts, account balances, and total amo…
accounts payable ledger
a subsidiary ledger containing only accounts for vendors from…
accounts receivable ledger
a subsidiary ledger containing only accounts for charge custo…
15 terms
Chapter 11 Accounting Review
Accounts Payable Ledger
Subsidiary Ledger
Accounts Receivable Ledger
AR
Subsidiary ledger containing only accounts for vendors from w…
Ledger summarized in a single general ledger account
Subsidiary ledger containing only accounts for charge customers
Abbreviation for Accounts Receivable
Accounts Payable Ledger
Subsidiary ledger containing only accounts for vendors from w…
Subsidiary Ledger
Ledger summarized in a single general ledger account
71 terms
Accounting Chapter 11
D
B
A
D
22. The factors that need to be determined to compute depreci…
23. The depreciable base for an asset is: ... ... A. Its service…
24. Depreciation, depletion, and amortization: ... ... A. All ref…
25. Gains on the cash sales of fixed assets:... ... A. Are the ex…
D
22. The factors that need to be determined to compute depreci…
B
23. The depreciable base for an asset is: ... ... A. Its service…
58 terms
Chapter 11 accounting
Corporation
Corporation organization classified by…
Corporation organization classified by…
Corporation organization classified by…
An entity separate and distinct from its owners (unlimited ow…
1000s of stockholders, stock regularly traded on national sec…
Not for profit (salvation army)... For profit (Mc Donalds)
Doesn't offer stock for sale to general public, Few Stockhold…
Corporation
An entity separate and distinct from its owners (unlimited ow…
Corporation organization classified by…
1000s of stockholders, stock regularly traded on national sec…
6 terms
Accounting Vocab - Chapter 11
subsidiary ledger
accounts payable ledger
accounts receivable ledger
controlling account
a ledger that is summarized in a single general ledger account
a subsidiary ledger containing only accounts for vendors from…
a subsidiary ledger containing only accounts for charge custo…
an account in a general ledger that summarizes all accounts i…
subsidiary ledger
a ledger that is summarized in a single general ledger account
accounts payable ledger
a subsidiary ledger containing only accounts for vendors from…
14 terms
Chapter 11 Managerial Cost Accounting
Service department
User department
Intermediate cost center
Final cost center
Department that provides services to other subunits in the or…
Department that uses the functions of service departments
Cost center whose costs are charged to other departments in t…
Cost center, such as a production or marketing department, wh…
Service department
Department that provides services to other subunits in the or…
User department
Department that uses the functions of service departments
16 terms
Accounting: Horngren Chapter 11
Contingent Liability
Current Liability
Current Portion of Notes Payable
Federal Insurance Contribution Act
A potential liability that depends on a future event
Liability which must be paid with cash or with goods and serv…
The amount of principal that is payable within one year, used…
This created the social security tax that provides retirement…
Contingent Liability
A potential liability that depends on a future event
Current Liability
Liability which must be paid with cash or with goods and serv…
29 terms
Accounting Chapter 11
internal controls
external controls
checking account
check
procedures within the business that are designed to protect c…
measures and procedures provided outside of the business to p…
an account that allows a person or business to deposit cash i…
a written order from a depositor telling the bank to pay a st…
internal controls
procedures within the business that are designed to protect c…
external controls
measures and procedures provided outside of the business to p…
8 terms
Accounting chapter 11
Separate legal entity
Limited liability of stockholders
Transferable ownership rights
Continuous life
Advantage of corp. a corporation conducts its affairs with th…
Advantage of corp. stockholders are liable for neither corpor…
Advantage of corp. The transfer of shares from one stockholde…
Advantage of corp. a corporation's life continues indefinitel…
Separate legal entity
Advantage of corp. a corporation conducts its affairs with th…
Limited liability of stockholders
Advantage of corp. stockholders are liable for neither corpor…
11 terms
Accounting Chapter 11
General Journal
Purchases Return
Purchases Allowance
Debit Memorandum
A journal with two amount columns in which all kinds of entri…
Credit allowed for the purchase price of returned merchandise…
Credit allowed for part of the purchase price of merchandise…
A form prepared by the customer showing the price deduction t…
General Journal
A journal with two amount columns in which all kinds of entri…
Purchases Return
Credit allowed for the purchase price of returned merchandise…
16 terms
Accounting Chapter 11
liabilities
current liability
long-term liability
short-term note payable
debts that are owed to creditors
a liability that must be paid with cash or with goods and ser…
a liability that does not need to be paid within one year or…
a written promise made by the business to pay a debt, usually…
liabilities
debts that are owed to creditors
current liability
a liability that must be paid with cash or with goods and ser…
29 terms
Chapter 11 (Accounting)
Internal controls
External controls
Checking account
Check
Procedures within the business that are designed to protect c…
Measures and procedures provided outside the business to prot…
An account that allows a person or business to deposit cash i…
A written order from a depositor telling the bank to pay a st…
Internal controls
Procedures within the business that are designed to protect c…
External controls
Measures and procedures provided outside the business to prot…
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