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Study sets matching "accounting2"

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Study sets matching "accounting2"

Accounting 2
Net Sales
Gross Profits = Revenue - Cost of Good…
Receivable Turnover
Average Collection Period
Sales Revenue - Credit Card Discounts - Sales Discounts - Sal…
Gross Profit Margin = Gross Profit/Net Sales
Net Sales/Average Net Accounting Receivables
365/Receivables Turnover
Net Sales
Sales Revenue - Credit Card Discounts - Sales Discounts - Sal…
Gross Profits = Revenue - Cost of Good…
Gross Profit Margin = Gross Profit/Net Sales
20 terms
Accounting 2
Corporation
Accounting equation
Service business
Merchandising business
A company owned by shareholders
Assets = Liabilities + OE
Sells services to people or businesses
Sells goods to people
Corporation
A company owned by shareholders
Accounting equation
Assets = Liabilities + OE
49 terms
Accounting 2
Accounting
Service business
Proprietorship
Asset
Planning, recording, and interpreting financial information
A business that performs an activity for a fee
A business owned by one person
Anything of value that is owned
Accounting
Planning, recording, and interpreting financial information
Service business
A business that performs an activity for a fee
15 terms
Accounting 2--Account Classifications
Accounts Receivable
Merchandise Inventory
Office Equipment
Petty Cash
Asset
Asset
Asset
Asset
Accounts Receivable
Asset
Merchandise Inventory
Asset
25 terms
Accounting 2
Purchases Journal
Cash Payments Journal
Check
Purchases Discount
used to record purchases of inventory bought on account
used to record check payments
source document for a cash payment
discount given by a vendor for paying a bill early
Purchases Journal
used to record purchases of inventory bought on account
Cash Payments Journal
used to record check payments
46 terms
Accounting 2
unit contribution
total equity capital
penetration strategy
marginal cost
jednostkowe pokrycie kosztów
kapitał własny
strategia penetracji rynku
koszt krańcowy
unit contribution
jednostkowe pokrycie kosztów
total equity capital
kapitał własny
14 terms
Accounting 2
account
accounting cycle
chart of accounts
credit
summary of the effects of all transactions related to a parti…
full set of procedures used to accomplish the meas/com proces…
a list of all account names used to record transactions of a…
right side of account... dec to asset, expense, or dividend acco…
account
summary of the effects of all transactions related to a parti…
accounting cycle
full set of procedures used to accomplish the meas/com proces…
100 terms
Accounting 2 - Terms
Accounting Period Cycle
Adequate Disclosure
Business Entity
Consistent Reporting
The accounting concept that is applied when changes in financ…
The accounting concept that is applied when financial stateme…
The accounting concept that is applied when a financial infor…
The accounting concept that is applied when the same accounti…
Accounting Period Cycle
The accounting concept that is applied when changes in financ…
Adequate Disclosure
The accounting concept that is applied when financial stateme…
29 terms
Accounting 2
Working Capital
Current Ratio
Acid-Test Ratio
Accounts Receivable Turnover
Current Assets - Current Liabilities... Expensive to keep large…
Current Assets/Current Liabilities... Declining or increasing r…
Current Ratio less inventory and prepaid assets. More rigorou…
A measure of the liquidity of accounts receivable, computed b…
Working Capital
Current Assets - Current Liabilities... Expensive to keep large…
Current Ratio
Current Assets/Current Liabilities... Declining or increasing r…
5 terms
Accounting 2
T account
Normal Balance
Debit
Credit
An account device used to analyze transactions
The side of the account that is increased
An ammount recorded on the left side
An ammount recorded on the right side
T account
An account device used to analyze transactions
Normal Balance
The side of the account that is increased
13 terms
Accounting Chapter 1-2
Service Business
Proprietorship
Business Plan
GAAP
A business that performs an activity for a fee
A business owned by one person
A formal written document that describes the nature of a busi…
The standards and rules that accountants follow while recordi…
Service Business
A business that performs an activity for a fee
Proprietorship
A business owned by one person
82 terms
Accounting 2
cash
investments
receivables
accounts receivable
balance sheet: ASSETS, current assets
balance sheet: ASSETS, current assets
balance sheet: ASSETS, current assets
balance sheet: ASSETS, current assets
cash
balance sheet: ASSETS, current assets
investments
balance sheet: ASSETS, current assets
9 terms
Accounting (2)
stressful
Experts
stress
journey
مرهقة
خبراء
توتر
رحلة
stressful
مرهقة
Experts
خبراء
54 terms
Accounting 2
A process cost system would be used to…
In a process costing system, overhead…
Process costing would be used by compa…
The job cost sheet is used in both job…
False Chapter 4
False chapter 4
True (Chapter 4)
False (chapter 4)
A process cost system would be used to…
False Chapter 4
In a process costing system, overhead…
False chapter 4
22 terms
Accounting 2 account titles
Advertising expense
Purchases
Dividends
Sales
Expense-DR
Cost-DR
Contra stock holders equity
Revenue-CR
Advertising expense
Expense-DR
Purchases
Cost-DR
358 terms
Managerial Accounting test #2
When overhead is allocated to every pr…
with increased competition, managers n…
using departmental overhead rates is g…
cost distortion occurs when some produ…
false
true
false
true
When overhead is allocated to every pr…
false
with increased competition, managers n…
true
30 terms
Chapter 2 Accounting Test
T Account
Chart of accounts
Debit
Credit
An accounting device used to analyze transactions.
A list of all accounts used by a business.
An amount recorded on the left side of an account.
An amount recorded on the right side of an account.
T Account
An accounting device used to analyze transactions.
Chart of accounts
A list of all accounts used by a business.
26 terms
Accounting Chapter 2
T account
debit
credit
debit
an accounting device used to analyze transactions
Decreases to liability accounts are recorded on the _________…
An amount recorded on the right side of a T account is a ____…
Each asset has a normal ________________ balance.
T account
an accounting device used to analyze transactions
debit
Decreases to liability accounts are recorded on the _________…
16 terms
Unit 3 Accounting - 2. The Accounting Equation
asset
Balance Sheet
classifying/classification
current asset
a resource controlled by the entity (as a result of past even…
an accounting report that details a firm's financial position…
grouping together items that have some common characteristic
a resource controlled by the entity (as a result of a past ev…
asset
a resource controlled by the entity (as a result of past even…
Balance Sheet
an accounting report that details a firm's financial position…
14 terms
Accounting 2
account
accounting cycle
chart of accounts
credit
summary of the effects of all transactions of a certain item…
all procedures used to accomplish the meas./com. process of f…
list of all account names used to record transactions of a co…
right side of an account. indicates a dec to asset, expense,…
account
summary of the effects of all transactions of a certain item…
accounting cycle
all procedures used to accomplish the meas./com. process of f…
accounting 2
to impair
inventory
liability
loan
ослаблять, ухудшать, портить
товарно-материальные запасы
пассив, обязательство, ответственность
заем, ссуда
to impair
ослаблять, ухудшать, портить
inventory
товарно-материальные запасы
64 terms
accounting 2
Comprehensive Income
Net income
OCI
Income Statements provide useful infor…
-Change in a company's equity during a period of time resulti…
Measure of financial performance resulting from the aggregati…
Includes unrealized gains and losses on available for sale in…
1. Evaluate past performance (the earnings)... 2. Predict future…
Comprehensive Income
-Change in a company's equity during a period of time resulti…
Net income
Measure of financial performance resulting from the aggregati…
19 terms
Accounting II- Chapter 2
Account
Accrued Liabililty
Chart of Accounts
Compound Journal Entry
A detailed record of all increases and decreases that have oc…
A liability for which the business knows the amount owed but…
A list of all of a company's accounts with their account numb…
A journal entry that is characterized by having multiple debi…
Account
A detailed record of all increases and decreases that have oc…
Accrued Liabililty
A liability for which the business knows the amount owed but…
35 terms
Accounting 2
Revenue $6,000- Expenses $2,300= $3,70…
*Revenue is recorded in the period whe…
*An increase in an asset or a decrease…
*Purchasing supplies for cash and payi…
Revenue on account amounted to $6,000. Cash collections of ac…
Which of the following statements is true in regard to accrua…
Recognition of revenue may be accompanied by which of the fol…
Which of the following events would require an end-of-year ad…
Revenue $6,000- Expenses $2,300= $3,70…
Revenue on account amounted to $6,000. Cash collections of ac…
*Revenue is recorded in the period whe…
Which of the following statements is true in regard to accrua…
11 terms
Accounting 2
Analyzing and Posting Process
account
General Ledger
Some Asset Accounts
The accounting process identifies business transactions and e…
record of increases and decreases in a specific asset, liabil…
is a record containing all accounts used by the company.
Land... Cash... Accounts Receivable... Supplies... Prepaid Accounts
Analyzing and Posting Process
The accounting process identifies business transactions and e…
account
record of increases and decreases in a specific asset, liabil…
64 terms
accounting 2
what is managerial accounting?
STEPS TO FIND COGS
STEPS I/S
what is merchandising
departemental, internal accounting that manages cost. NOT gov…
BI... + purchases - Purchases returns... +trans in... - EI... =COGS expen…
Sales... -COGS... =gross profit... -expenses... =net income
purchase merchandise inventory in finished form for resale to…
what is managerial accounting?
departemental, internal accounting that manages cost. NOT gov…
STEPS TO FIND COGS
BI... + purchases - Purchases returns... +trans in... - EI... =COGS expen…
59 terms
Accounting 2 Final Review
Cost
Useful Life
Book Value
Accumulated Depriciation
Original Price of the asset
Period of time before the asset won't depreciate further
The value of an asset on the balance sheet
the amount of total depreciation
Cost
Original Price of the asset
Useful Life
Period of time before the asset won't depreciate further
16 terms
Accounting 2
starting point in cost behavior analysis
for an activity level to be useful
activity level selected
variable costs in total
measuring key business activities
changes in the level/volume of activity should be correlated…
activity or volume index
vary directly and proportionately with changes in activity le…
starting point in cost behavior analysis
measuring key business activities
for an activity level to be useful
changes in the level/volume of activity should be correlated…
133 terms
Accounting 2
Current liabilities are due
Notes may be issued
On June 8, Smith Technologies issued a…
On June 8, Williams Company issued an…
and payable within one year
for All of these choices are correct.
October 26
$81,333
Current liabilities are due
and payable within one year
Notes may be issued
for All of these choices are correct.
20 terms
accounting 2
account
chart of accounts
common stock
compound entry
record of increases and decreases in specific asset, liabilit…
list of accounts and the account numbers that identify their…
issues in exchange for the owners' investment paid in to the…
journal entry that involves three or more accounts
account
record of increases and decreases in specific asset, liabilit…
chart of accounts
list of accounts and the account numbers that identify their…
6 terms
Accounting-Accounting concepts (2)
Monetary measurement
Entity concept
Historical cost concept
Period reporting
All transactions are recorded using a common unit of measure…
The personal transactions of the owner are kept separate from…
Transactions are recorded in the accounting records at cost t…
The life of the entity is divided into nominated time periods…
Monetary measurement
All transactions are recorded using a common unit of measure…
Entity concept
The personal transactions of the owner are kept separate from…
31 terms
Accounting - Chapter 2
T account
debit
credit
assets
accounting device used to analyze transactions
the left side of any account
the right side of any account
cash, acc rec, supplies
T account
accounting device used to analyze transactions
debit
the left side of any account
50 terms
intermediate accounting 2
For a liability to exist,
Kenwood Co. neglected to amortize the…
Bond discount should be presented in t…
Any gains or losses from the early ext…
a past transaction or event must have occurred.
Overstate; overstate
contra liability
recognized in income of the period of extinguishment.
For a liability to exist,
a past transaction or event must have occurred.
Kenwood Co. neglected to amortize the…
Overstate; overstate
86 terms
Accounting 2
Managerial accounting reports provides
controller
Under Total Quality Management
Manufacturing or product costs have th…
decision-making information for internal users. The reports n…
top management accountant in a company
a business strives to improve performance in conjunction with…
direct materials, direct labor, and manufacturing overhead
Managerial accounting reports provides
decision-making information for internal users. The reports n…
controller
top management accountant in a company
85 terms
Accounting 2
1st in, 1st out method
Last in, first out method
weighted avg inventory cost flow method
perpetual inventory system
1st units are assumed to be sold, and ending inventory is mad…
most recent units are assumed to be sold and ending inventory…
1. Add up total cost, divide by total units=money per unit 2.…
inventory records account for additions/subtractions in recei…
1st in, 1st out method
1st units are assumed to be sold, and ending inventory is mad…
Last in, first out method
most recent units are assumed to be sold and ending inventory…
8 terms
Accounting 2.2 Terms
fiscal period
work sheet
trial balance
adjustments
the length of time which a business summarizes/reports financ…
a columnar accounting form used to summarize the general ledg…
a proof of equality of debits and credits in a general ledger
changes recorded on a work sheet to update general ledger acc…
fiscal period
the length of time which a business summarizes/reports financ…
work sheet
a columnar accounting form used to summarize the general ledg…
60 terms
Accounting 2 - Ch 1 Accounting and Business
accounting
accounting equation
Accrual basis of accounting
asset
Planning, recording, analyzing, and interpreting financial in…
assets = liabilities + owners equity
A system in which income is measured as the difference betwee…
The rights to use resources that have expected future economi…
accounting
Planning, recording, analyzing, and interpreting financial in…
accounting equation
assets = liabilities + owners equity
20 terms
Accounting 2
Depreciation
Temporary accounts
4 temporary accounts
Steps for closing accounts
Cost-salvage value/ useful life
Only accounts that have to be closed
Revenue, expenses, withdrawals, and income summary
1. Close credit balances in revenue to income summary... 2.close…
Depreciation
Cost-salvage value/ useful life
Temporary accounts
Only accounts that have to be closed
11 terms
accounting (2)
debit
credit
cash account
accounts payable
an amount recorded on the left side of an account (33)
an amount recorded on the right side of an account (33)
where cash transactions are recorded. assets (**)
amounts to be payed in the future for goods or services alrea…
debit
an amount recorded on the left side of an account (33)
credit
an amount recorded on the right side of an account (33)
39 terms
Accounting 2
Stock(shares)
Issuing stock in JE
Issuing common stock
Dividends dates
A portion of a business that you can buy and own.
(Paid in cash X #shares) cash- debit
Common stock- par value: Credit ... (Par value X shares)
(1st date of declaration-... Cash dividend ... Cash divid payable)…
Stock(shares)
A portion of a business that you can buy and own.
Issuing stock in JE
(Paid in cash X #shares) cash- debit
Accounting 2
T account
Debit
credit
normal balance
an accounting device used to analyze transactions
an amount recorded on the left side of an account
an amount recorded on the right side of an account
the side of the account that is increased
T account
an accounting device used to analyze transactions
Debit
an amount recorded on the left side of an account
25 terms
Accounting 2 - Chapter 6 Accounting Information Systems
Account
Accounting cycle
Adjusted trial balance
Business event
A place where the results of events affecting that item are r…
The time period between financial statements.
A trial balance done after adjusting entries have been made a…
An event that management wants to plan and evaluate.
Account
A place where the results of events affecting that item are r…
Accounting cycle
The time period between financial statements.
8 terms
Accounting 2
Adjusments
Balance sheet
Fiscal period
Income statement
Changes recorded on a work sheet to update general ledger acc…
A financial statement that reports assets, liabilities, and o…
The length of time for which a business summarizes and report…
A financial statement showing the revenue and expenses for a…
Adjusments
Changes recorded on a work sheet to update general ledger acc…
Balance sheet
A financial statement that reports assets, liabilities, and o…
8 terms
Accounting #2
T-Account
Debit
Credit
Normal Balance
An accounting device used to analyze transactions
An amount recorded on the left
An amount recorded on the right
The side of the account that is increased
T-Account
An accounting device used to analyze transactions
Debit
An amount recorded on the left
30 terms
Accounting Chapter 2
T Account
Chart of accounts
Debit
Credit
An accounting device used to analyze transactions.
A list of all accounts used by a business.
An amount recorded on the left side of an account.
An amount recorded on the right side of an account.
T Account
An accounting device used to analyze transactions.
Chart of accounts
A list of all accounts used by a business.
32 terms
Accounting 2
Avoidable Cost
Constraint
Differential Cost
Make or Buy decision
A cost that can be eliminated by choosing one alternative ove…
A limitation under which a company must operate, such as limi…
A difference in cost between any two alternatives
A decision concerning whether an item should be produced inte…
Avoidable Cost
A cost that can be eliminated by choosing one alternative ove…
Constraint
A limitation under which a company must operate, such as limi…
16 terms
Accounting 2
partnership
partner
merchandising business
retail merchandising business
A business in which two or more persons combine their assets…
A business owned and controlled by two or more people who hav…
A business that purchases and sells goods
a merchandising business that sells to those who use or consu…
partnership
A business in which two or more persons combine their assets…
partner
A business owned and controlled by two or more people who hav…
12 terms
Accounting 2
check
double-entry accounting
entry
invoice
a buissness form ordering a bank to pay cash from a bank acco…
the recording of debit and credit parts of a transaction
information for each transaction recorded in a journal
a form describing the goods or services sold, the quantity an…
check
a buissness form ordering a bank to pay cash from a bank acco…
double-entry accounting
the recording of debit and credit parts of a transaction
35 terms
Accounting 2
Writing off an Account
Real Property
Personal Property
Assessed Vaule
Canceling the balance of a customer account because the custo…
Land and anything attached to the land.
All property not classified as real property.
The value of an asset determined by tax authorities for the p…
Writing off an Account
Canceling the balance of a customer account because the custo…
Real Property
Land and anything attached to the land.
15 terms
Accounting 2
Cash
Accounts Receivable
Inventory
Prepaid Expenses
coins, currency, checks, bank deposits
amounts owed to the selling company from making credit sales…
the cost of goods on hand for sale to customers
the cost of goods and services that were purchased before the…
Cash
coins, currency, checks, bank deposits
Accounts Receivable
amounts owed to the selling company from making credit sales…
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