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Accounting 102
| Question | Answer |
|---|---|
| What are the rights of Stockholders? | 1. Have a say in how the business is managed. 2. Share in profits (loses) 3. Share in assets when company closes |
| What are earnings per share? Where is it reported? | 1. Net earnings / # of shares. 2. On corporation's income statement |
| What are the different dates that are important for dividends? | Date of declaration, date of record, and date of payment. |
| What happens when dividends are declared? | Increase Liabilities - Dividends Payable & decrease Retained Earnings |
| What is a manufacturing company? | A company that buys raw materials and sells the finished goods. |
| What are product costs? | Costs incurred to manufacture a product. |
| What are period costs? | Operating expenses either selling or administrative. |
| what are the 3 inventories that manufacturing companies have? | Materials, Work in Process, Finished Goods |
| How do you find overhead rate? | Estimated overhead costs/Estimated level of activity |
| How do you apply overhead to a job? | OH rate X actual level of activity |
Created by:
klein-andrew
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