Assets
Direct Materials and Direct Labor
What are Prime Costs?
Direct materials + Direct Labor + Factory Overhead
What is Cost of Goods?
Maturity value of $5000 Note Payable for 120 days @10% interest
What is $5,167
The financial statement that reports revenues, expenses, and net income over a period of time.
What is the income statement?
Goodwill, patent, and trademark are examples of this asset
What are intangible assets?
All the colors of M&M's in a normal bag?
What are red,orange,yellow,green,blue and brown?
Authorizes amount and timing of stock dividends
Who are Board of Directors?
Where legal title of goods pass to the customer when goods are received.
What is FOB destination ?
The accounting method required by GAAP that records revenue when earned and expenses when incurred
What is the accrual accounting?
The annual Depreciation expense for a machine costing $60,000; useful life of 5 years; and residual value of $5,000
Assets = Liabilities + Stockholders' Equity
What is the Accounting Equation?
The Corporation will pay a dividend to stockholders who own its stock on this date
What is Date of Record?
A cowboy rides in on Friday, stays 3 days, and leaves on Friday, How ?
The horse is named Friday.
These were the popular Halloween candy bought in 2024.
What are Reese's Peanut butter cups and M&M's?
The shapeshifting creature that can only be killed by a silver bullet.
What is a werewolf?
Anything of value that the business owns.
What are assets?
The likelihood of this occurring is remote, reaasonably possible, or remote
What is a contingent liability ?
The country that originated Halloween.
What is Ireland?
Costs that are recorded as selling or administrative expenses in the current period.
What is a period cost?
The number of shares after 5-for-1 stock split of a corporation with 12,000 shares.
What are 60,000 shares?
The rules required for accountants to follow when preparing financial statements
What are Generally Accepted Accounting Standards?
This provides shares of stock for reissue to employees as a bonus or for purchase.
What is Treasury Stock?
The factory overhead for:
Depreciation on factory buildings $46,850; Depreciation on office equipment $33,280;
Direct materials used $95,740; Indirect labor $7,230
What is $54,080?
The cost of employees who manufacture the product
What is Direct Labor cost?
The year Lenoir Rhyne University was founded.
What is 1891?