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Accounting 102 final
accoutning 102 final
| Question | Answer |
|---|---|
| excise | built in tax |
| tariff | tax on goods imported into country |
| estate | tax on assets if estate is worth more than "x" million |
| gift | gift-giver pays on gift if worth more than $ 13,000 |
| Income tax | Personal taxes...form 1040 |
| Sales tax | taxes used to fund state governments |
| corporate taxes | Federal Government requires x amount of money through income taxes and |
| Federal tax | voluntary because you fill out your own tax form |
| Tax due | :) Use your own money longer :( many not be able to manage $ and unable to pay tax @ end of year |
| Tax refunds | :) Windfall to you when you get $ back :) Government gets you use your withheld money during the year and then pays you back without interest ...like a free loan for them |
| Tax minimization | pay the least in taxes that you are legally required to pay |
| tax evasion | DO NOT pay the taxes you are legally required to pay |
| break-even | tax due equal what you have paid during the year ...neither owe nor get $ back |
| Social agenda | through the use/manipulation of tax law, the federal government promotes a particular agenda |
| don't mix personal transactions with business transactions | Business Entity Concept |
| accounting information is based on actual/original cost | Cost Concept (Historical Cost Principle) |
| Does the business expect to continue operations for an indefinite period of time | Going concern concept |
| expenses for a period are matched with the revenue they generate | Matching concept |
| entries into accounting records must be based on objective evidence | objectivity concept |
| all economic data must be recorded in dollars | Unit of measure concept |
| financial statements must include all relevant data needed to understand financial condition and performance | Adequate Disclosure concept |
| economic data collected for a period of time in preparation of financial statements | accounting period concept |
| name of products | trade names |
| symbol of company | trade marks |
| purchase asset for more than it is worth | good will |
| depleted | natural assets |
| depreciated | Plant assets |
| amortized | intangible assets |
| cost -salvage/ EUL | depreciation : S/L method |
| cost- salvage value/ units of production | Depreciation per unit |
| DDB | DDB= (100%/ EUL) x 2......Cost x DDB %= Depreciation Expense |
| cost- accumulated depreciation | book value |
| ratio used to evaluate a company's ability to pay its short term obligations/ for every dollar of debt, I have $x in current assets (Lidquidity | Current Ratio |
| "acid test" in liquid assets for every dollar of debt (liquidity) | Quick Ratio |
| "net income per share" amount of income earned by each share of a company's outstanding common stock (Profitablity) | Earnings per share |
| number of times a company's average inventory is sold during a period | inventory turnover |
| (cash flow) measure of both the quality and liquidity of account receivable/ indicates how often receivables are received and collected during the period | accounts receivable turnover |
| (profitability) | return on sales |
| liquidty | number of tiems |
| days in sales inventory | estimate of number of days needed to convert inventory into receivables or cash |
| declares to pay dividend | Dr. Dividends Cr. Dividends Payable Date of declaration |
| does not need J.E. | Date of record |
| dr. dividends payable cr. cash | date of payment |
| shows the revenues, expenses, and income from continuing operations | continuing operations |
| a business segment is a part of a company's operations that serves a particular line of business or class of customers | discontinued segments |
| unusual and infrequent | extraordinary items |
Created by:
tlc101
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