Items unusual in nature and infrequent in occurrence
What is an extraordinary item?
100
Too much for human mind to effectively process
What is information overload?
100
Accounts with normal debit balances; accounts with normal credit balances
What are assets and expenses; liabilities and stockholders' equity?
200
Sources of borrowed resources
What is a liability?
200
Total fixed expenses + contribution margin ratio
What is break-even point in sales $?
200
Federal agency established to help develop and standardize financial information presented to stockholders
What is Securities and Exchange Commission (SEC)?
200
Traceable path of recording an economic event from capture in a source document to final reporting
What is audit trail?
200
Difference between an asset's cost and its accumulated depreciation
What is book value?
300
Beginning retained earnings plus net income less dividends
What is ending retained earnings?
300
Indirect materials, indirect labor, and other miscellaneous costs needed to make products
What is an overhead cost?
300
Excess paid by an investor over par-value price of a stock issue
What is additional paid in capital?
300
Sequence of logical operations performed by a computer and prepared for programmers
What is a program flowchart?
300
Temporary account used in closing revenue and expense accounts
What is an income summary?
400
Total liabilities / total stockholders' equity
What is debt to equity ratio?
400
Costs that change depending on which alternative you choose
What is a relevant cost?
400
Market rate is greater than stated rate; market rate is less than stated rate
What is premium on bonds; discount on bonds?
400
Uniquely identifies
Allows for growth
As simple as possible
Uniform across organization
What are four guidelines/characteristics of a good coding scheme?
400
Major organization of the standard-setting structure for financial accounting
Mission is to establish and improve standards of financial accounting and reporting for the guidance and education of the public
What is the Financial Accounting Standards Board (FASB)?
500
[2 x ( 1 / asset's useful life)] x (asset's cost at beginning of year - asset's accumulated depreciation at beginning of year)
What is double-declining balance depreciation?
500
Beginning work in process + manufacturing costs - cost of goods manufactured
What is ending work in process?
500
Service cost + interest cost - expected return on plan assets + amortization of prior service cost +/- gain or loss
What is pension expense?
500
Invoiceless system and 2-way match of purchase order and receiving report
What is an evaluated receipt settlement (ERS)?
500
Standards issued by the Financial Accounting Standards Board (FASB)
What is Generally Accepted Accounting Principles (GAAP)?