Accounting concepts & applications

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  1. A process of assigning fixed production costs to inventory so as to report the full cost of creating inventory (including direct materials, direct labor, and manufacturing overhead), required by GAAP for financial statement.
    absorption costing
  2. An accounting record in which the results of transactions are accumulated; shows increases, decreases and a balance.
  3. A system for providing quantitative, financial information about economic entities that is useful for making sound economic decisions. Accounting provides the means of recording and communicating business activities and the results of those activities.
  4. The procedure for analyzing, recording, classifying, summarizing and reporting the transactions of a business.
    Accounting cycle
  5. an algebraic equation that expresses the relationship between assets (resources), liabilities (obligations) and owners' equity (net assets, or the residual interest in a business after all liabilities have been met): Assets = Liabilities + Owners' Equity
    accounting equation
  6. The basic accounting assumptions, concepts, principles and procedures that determine the manner of recording, measuring and reporting a company's transactions.
    accounting model
  7. the procedures and processes used by a business to analyze transactions, handle routine bookkeeping tasks, and structure information so it can be used to evaluate the performance and health of the business.
    accounting system
  8. A current asset representing money due for services performed or merchandise sold on credit.
    accounts receivable
  9. a measure used to indicate how fast a company collects its receivables; equal to sales divided by average accounts receivable.
    accounts receivable turnover
  10. a system of accounting in which revenues and expenses are recorded as they are earned and incurred, not necessarily when cash is received or paid.
    accrual basis accounting
  11. Certain market related gains and losses that are not included in the computation of net income; for example, foreign currency translation adjustments and unrealized gains or losses on investments.
    accumulated other comprehensive income
  12. A method of attributing overhead costs to products based on measurable factors that relate to activities that create overhead costs.
    activity based costing (ABC)
  13. Entries required at the end of each accounting period to recognize, on an accrual basis, revenues and expenses for the period and to report proper amounts for asset, liability, and owners' equity accounts.
    adjusting entries
  14. The process of categorizing each account receivable by the number of days it has been outstanding.
    aging accounts receivable
  15. A contra account, deducted from accounts receivable, that shows the estimated losses from uncollectible accounts.
    allowance for bad debts
  16. The recording of estimated losses due to uncollectible accounts as expenses during the period in which the sales occurred.
    Allowance method
  17. The national organization of CPAs in the United States.
    American Institute of Certified Public Accountants (AICPA)
  18. The process of cost allocation that assigns the original cost of an intangible asset to the periods benefited.
  19. A document that summarizes the results of operations and financial status of a company for the past year and outlines future plans
    annual report
  20. A series of equal amounts to be received or paid at the end of equal time intervals.
  21. Costs of quality that relate specifically to the effort of inspecting, testing and sampling activities performed in order to identify and remove low quality products and services from the system.
    appraisal costs
  22. Business dealings between independent and rational parties who are looking out for their own interests.
    arm's length transactions
  23. the interrelationships among the financial statements.
  24. A measure of company efficiency; equal to sales divided by total assets.
    asset turnover
  25. An overall measure of how effectively assets are used during a period; computed by dividing revenue by average total assets.
    asset turnover ratio
  26. Economic resources that are owned or controlled by a company.
  27. A measure of the number of dollars of assets a company is able to acquire using each dollar of equity; calculated by dividing assets by equity.
    assets to equity ratio
  28. Members of a company's board of directors who are responsible for dealing with the external and internal auditors.
    audit committee
  29. A report issued by an independent CPA to evaluate whether a company's financial statements fairly report its financial position, operating results, and cash flows in accordance with generally accepted accounting principles.
    audit report
  30. A top down approach to budgeting whereby upper level management determines the budget and delivers it to the rest of the organization with little or no involvement in the process by other employees.
    authoritative budgeting
  31. Debt and equity securities not classified as trading, held to maturity, or equity method securities.
    available for sale securities
  32. A measure of the average number of days it takes to collect a credit sale; equal to 365 days divided by accounts receivable turnover.
    average collection period
  33. An inventory cost flow assumption whereby cost of goods sold and the cost of ending inventory are determined by using an average cost of all merchandise available for sale during the period.
    average cost
  34. An uncollectible account receivable.
    Bad debt
  35. An account that represents the portion of the current period's credit sales that are estimated to be uncollectible.
    bad debt expense
  36. The financial statement that reports a company's assets, liabilities and owners' equity at a particular date.
    balance sheet (statement of financial position)
  37. A management model designed to link together performance measures for financial, customer, internal process, and learning/growth perspectives that are unique to an organization's particular strategy.
    balanced scorecard
  38. The process of systematically comparing the cash balance as reported by the bank with the cash balance on the company's books and explaining any differences.
    bank reconciliation
  39. An earnings per share figure that divides net income by the number of shares of stock outstanding.
    basic earnings per share
  40. The purchase of two or more assets acquired together at a single price.
    basket purchase
  41. Activities that take place in order to support a batch or production run, regardless of the size of the batch.
    batch level activities
  42. Individuals elected by the stockholders to govern a corporation.
    board of directors
  43. A contract in which a borrower promises to pay a specified rate of interest to a lender for each period the bond is outstanding and repay the principal at the maturity date.
  44. The face value of bonds minus the unamortized discount or plus the unamortized premium.
    bond carrying value
  45. The difference between the face value and the sales price when bonds are sold below their face value.
    bond discount
  46. A contract between a bond issuer and a bond purchaser that specifies the terms of a bond.
    bond indenture
  47. The date at which a bond principal or face amount becomes payable.
    bond maturity date
  48. The difference between the face value and the sales price when bonds are sold above their face value.
    bond premium
  49. Additional compensation, beyond the regular compensation, paid to employees if certain objectives are achieved.
  50. The value of a company as measured by the amount of owners' equity; that is, assets less liabilities; for a long term operating asset, the asset's original cost less any accumulated depreciation.
    book value
  51. The preservation of a systematic, quantitative record of an activity.
  52. The amount of sales at which total costs of the number of units sold equal total revenues; the point at which there is no profit or loss.
    break even point
  53. A quantitative expression of a plan of action that shows how a firm or an organization will acquire and use resources over some specified period of time.
  54. A management group responsible for establishing budgeting policy and for coordinating the preparation of budgets.
    budget committee
  55. The process of inflating a department's budget request for resource inputs (materials, labor, time, etc.) or deflating the department's budget commitment to output (products, services, sales, etc.) so that the department manager can more easily achieve the budget.
    budgetary slack
  56. A schedule of all of the product costs (the costs of direct materials, direct labor, and manufacturing overhead) used to create a single product.
    budgeted product cost sheet
  57. A schedule of all of the service costs (the costs of supplies, wages and salaries, and overhead) used to provide a single service event.
    budgeted service cost sheet
  58. An organization operated with the objective of making a profit from the sale of goods or services.
  59. Records of transactions used as the basis for recording accounting entries; include invoices, check stubs, receipts and similar business papers.
    business documents
  60. An entity's reporting year from January 1 to December 31.
    calendar year
  61. Bonds for which the issuer reserves the right to pay the obligation before its maturity date.
    callable bonds
  62. The total amount of money or other resources owned or used to acquire future income or benefits.
  63. Systematic planning for long term investments in operating assets.
    capital budgeting
  64. A leasing transaction that is recorded as a purchase by the lessee.
    capital lease
  65. Allocating limited resources among ranked acceptable investments.
    capital rationing
  66. The portion of stockholders' equity that represents investment by owners in exchange for shares of stock. Also referred to as paid in capital.
    capital stock
  67. Interest that is recorded as part of the cost of a self constructed asset.
    capitalized interest
  68. Coins, currency, money orders, checks and funds on deposit with financial institutions.
  69. A schedule of expected cash receipts and disbursements during the budget period.
    cash budget
  70. A cash distribution of earnings to stockholders.
    cash dividend
  71. Short term, highly liquid investments that can easily be converted into cash.
    cash equivalents
  72. Cash from operations divided by expenditures for fixed asset additions and acquisitions of new businesses.
    cash flow adequacy ratio
  73. A ratio that reflects the extent to which accrual accounting assumptions and adjustments have been included in computing net income.
    cash flow to net income ratio
  74. Any current or expected revenues or savings directly associated with an investment.
    Cash inflows
  75. The initial cost and other expected outlays associated with an investment.
    cash outflows
  76. A system of accounting in which transactions are recorded and revenues and expenses are recognized only when cash is paid or received.
    cash basis accounting
  77. The maximum market amount at which inventory can be carried on the books; equal to net realizable value.
  78. An organization in which top management makes most of the major decisions for the entire company rather than delegating decisions to managers at lower levels.
    centralized company
  79. A special designation given to an accountant who has passed a national uniform examination and has met other certifying requirements.
    certified public accountant (CPA)
  80. A systematic listing of all accounts used by a company.
    chart of accounts
  81. A balance sheet in which assets and liabilities are subdivided into current and long term categories.
    classified balance sheet
  82. Entries that reduce all nominal (temporary) accounts to a zero balance at the end of each accounting period, transferring their preclosing balances to a permanent balance sheet account.
    closing entries
  83. Overhead costs like executive salaries or property taxes that cannot be attributed to, and are not the responsibility of, specific products, departments or business segments.
    common costs
  84. The most frequently issued class of stock; typically provides a voting right but is secondary to preferred stock in dividend and liquidation rights.
    common stock
  85. Financial statements achieved by dividing all financial statement numbers by total sales for the year.
    common size financial statements
  86. Financial statements in which data for two or more years are shown together.
    comparative financial statements
  87. A journal entry that involves more than one debit, more than one credit or both.
    compound journal entry
  88. The period of time for which interest is computed.
    compounding period
  89. A measure of the overall change in a company's wealth during a period; consists of net income plus changes in wealth resulting from changes in investment values and exchange rates.
    comprehensive income
  90. A company comprised of a number of divisions with those divisions often operating in different industries.
  91. An arrangement whereby merchandise owned by one party, the consignor, is sold by another party, the consignee, usually on a commission basis.
  92. Statements that report the combined operating results, financial position, and cash flows of two or more legally separate but affiliated companies as if they were one economic entity.
    consolidated financial statements
  93. Circumstances involving potential losses or gains that will not be resolved until some future event occurs.
  94. An account that is offset or deducted from another account.
    contra account
  95. The portion of owners' equity contributed by investors (the owners) in exchange for shares of stock.
    contributed capital
  96. The difference between total sales and variable costs; the portion of sales revenue available to cover fixed costs and provide a profit.
    contribution margin
  97. The percentage of net sales revenue left after variable costs are deducted; the contribution margin divided by net sales revenue.
    contribution margin ratio
  98. An alternative approach to reporting profit using absorption costing that does not create an incentive to build up excess inventory.
    contribution margin reporting
  99. Policies and procedures used by management to meet their objectives.
    control activities (procedures)
  100. The actions, policies, and procedures that reflect the overall attitudes of top management about control and its importance to the entity.
    control environment
  101. Implementing management plans and identifying how plans compare with actual performance.
  102. The costs of converting raw materials to finished products; include direct labor and manufacturing overhead costs.
    conversion costs
  103. Bonds that can be traded for, or converted to, other securities after a specified period of time.
    convertible bonds
  104. Preferred stock that can be converted to common stock at a specified conversion rate.
    convertible preferred stock
  105. A legal entity chartered by a state; ownership is represented by transferable shares of stock.
  106. The way a cost is affected by changes in activity levels.
    cost behavior
  107. An organizational unit in which a manager has control over and is held accountable for cost performance.
    cost center
  108. Numerical measure used to reflect the amount of a specific cost that is associated with a particular activity.
    cost driver
  109. The average cost of a firm's debt and equity capital; equals the rate of return that a company must earn in order to satisfy the demands of its owners and creditors.
    cost of capital
  110. The cost of all merchandise available for sale during the period; equal to the sum of beginning inventory and net purchases.
    cost of goods available for sale
  111. A schedule supporting the income statement that summarizes the total cost of goods manufactured and transferred out of the work in process inventory account during a period. These costs include direct materials, direct labor, and applied manufacturing overhead.
    cost of goods manufactured schedule
  112. The costs incurred to purchase or manufacture the merchandise sold during a period.
    cost of goods sold
  113. Total cost being generated by a specific overhead cost activity.
    cost pool
  114. The idea that transactions are recorded at their historical costs or exchange prices at the transaction date.
    cost principle
  115. Costs spent to achieve high quality products and services, as well as costs spent when products fail to have high quality, includes prevention costs, appraisal costs, internal failure costs and external failure costs.
    costs of quality (COQ)
  116. Techniques for determining how changes in revenues, costs, and level of activity affect the profitability of an organization.
    cost volume profit (CVP) analysis
  117. Unregistered bonds for which owners receive periodic interest payments by clipping a coupon from the bond and sending it to the issuer as evidence of ownership.
    coupon bonds
  118. An entry on the right side of a T account.
  119. The resource that limits operating capacity by its availability.
    critical resource factor
  120. The right of preferred stockholders to receive current dividends plus all dividends in arrears before common stockholders receive any dividends.
    cumulative dividend preference
  121. Cash and other assets that can be easily converted to cash within a year.
    current assets
  122. Liabilities expected to be satisfied within a year or the current operating cycle, whichever is longer.
    current liabilities
  123. A measure of the liquidity of a business: equal to current assets divided by current liabilities.
    current ratio
  124. The right of preferred stockholders to receive current dividends before common stockholders receive dividends.
    current dividend preference
  125. A corporate level strategy that focuses on creating and maintaining lasting relationships with its customers in order to establish long term financial value for the organization.
    customer relationship management (CRM)
  126. The date selected by a corporation's board of directors on which the stockholders of record are identified as those who will receive dividends.
    date of record
  127. Average number of days of use provided by the level of inventory maintained by the company; equal to number of days in the reporting period divided by inventory turnover.
    days in inventory
  128. Bonds for which no collateral has been pledged.
    debentures (unsecured bonds)
  129. An entry on the left side of a T account.
  130. A measure of leverage, computed by dividing total liabilities by total assets.
    debt ratio
  131. Financial instruments issued by a company that carry a promise of interest payments and the repayment of principal.
    debt securities
  132. A measure of the number of dollars of borrowed funds for every dollar invested by owners; equal to total liabilities divided by total stockholders' equity.
    debt to equity ratio
  133. An organization in which managers at all levels have the authority to make decisions concerning the operations for which they are responsible.
    decentralized company
  134. The date on which a corporation's board of directors formally decides to pay a dividend to stockholders.
    declaration date
  135. An accelerated depreciation method in which an asset's book value is multiplied by a constant depreciation rate (such as double the straight-line percentage, in the case of double declining balance).
    declining balance depreciation method
  136. A pension plan under which the employer defines the amount that retiring employees will receive and contributes enough to the pension fund to pay that amount.
    defined benefit plan
  137. A pension plan under which the employer contributes a defined amount to the pension fund; after retirement, employees receive the amount contributed plus whatever it has earned.
    defined contribution plan
  138. The process of cost allocation that assigns the original cost of a natural resource to the periods benefited.
  139. The process of cost allocation that assigns the original cost of plant and equipment to the periods benefited.
  140. Internal control activities that are designed to detect the occurrence of errors and fraud.
    detective controls
  141. Future costs that change as a result of a decision; also called incremental or relevant costs.
    differential costs
  142. An earnings per share figure that considers the effect on net income and shares outstanding of events that will likely occur in the future.
    diluted earnings per share
  143. Costs that are specifically traceable to a unit of business or segment being analyzed.
    direct costs
  144. Wages that are paid to those who physically work on direct materials to transform them into a finished product and are traceable to specific products.
    direct labor
  145. A schedule of direct labor requirements for the budget period.
    direct labor budget
  146. Materials that become part of the product and are traceable to it.
    direct materials
  147. A schedule of direct materials to be used during the budget period and direct materials to be purchased during that period.
    direct materials budget
  148. A method of reporting net cash flows from operations that shows the major classes of cash receipts and payments for a period of time.
    direct method
  149. The recording of actual losses from uncollectible accounts as expenses during the period in which accounts receivable are determined to be uncollectible.
    direct write off method
  150. Capital budgeting techniques that take into account the time value of money by comparing discounted cash flows.
    discounted cash flow methods
  151. Incorporating the time value of money into decisions involving cash flows.
  152. Income left after withholdings and fixed expenses have been subtracted from gross salary; the amount left to cover variable expenditures.
    disposable income
  153. The date on which a corporation pays dividends to its stockholders.
    dividend payment date
  154. A measure of the percentage of earnings paid out in dividends; computed by dividing cash dividends by net income.
    dividend payout ratio
  155. Distributions to the owners (stockholders) of a corporation.
  156. Missed dividends for past years that preferred stockholders have a right to receive under the cumulative dividend preference if and when dividends are declared.
    dividends in arrears
  157. A system of recording transactions in a way that maintains the equality of the accounting equation.
    double entry accounting
  158. A systematic approach for breaking down return on equity into three ratios: return on sales, asset turnover, and assets to equity ratio.
    DuPont framework
  159. The amount of net income (earnings) related to each share of stock; computed by dividing net income by the number of shares of stock outstanding during the period.
    earnings (loss) per share (EPS)
  160. A commercialized performance measurement system that emphasizes the incremental income an organization creates over and above the income required to cover the costs of capital invested by both debt and equity holders in the organizations.
    economic value added (EVA)
  161. A method of systematically writing off a bond premium or discount that incorporates the time value of money and results in an equal interest rate for each period.
    effective interest amortization
  162. Rights given to employees to purchase shares of stock of a company at a predetermined price.
    employee stock options
  163. An organizational unit (a person, partnership, or corporation) for which accounting records are kept and about which accounting reports are prepared.
  164. Obligations incurred because of damage done to the environment.
    environmental liabilities
  165. A method used to account for an investment in the stock of another company when significant influence can be imposed (typically when 20 to 50% of the outstanding voting stock is owned).
    equity method
  166. Shares of ownership in a corporation that can change significantly in value and that provide for a return to investors in the form of dividends.
    equity securities (stock)
  167. A method used in a process costing system to measure the production output during a period; essentially the work done by the center or department in terms of units of output.
    equivalent units of production
  168. Budgeted manufacturing overhead costs that are used to establish the predetermined overhead rate.
    estimated manufacturing overhead
  169. Analyzing results, rewarding performance, and identifying problems.
  170. Reports that highlight variances from, or exceptions to, the budget.
    exception reports
  171. Costs incurred in the normal course of business to generate revenues.
  172. Independent CPAs who are retained by organizations to perform audits of financial statements.
    external auditors
  173. Costs of quality that relate specifically to the costs that occur when low quality products and services fail after deliver to customers.
    external failure costs
  174. Nonoperating gains and losses that are unusual in nature, infrequent in occurrence and material in amount.
    extraordinary items
  175. Activities necessary to have a facility in order to participate in the development and production of products or services; activities are not related to any particular line of products or services.
    facility support activities
  176. An inventory cost flow assumption whereby the first goods purchased are assumed to be the first goods sold so that the ending inventory consists of the most recently purchased goods.
    FIFO (first in, first out)
  177. The area of accounting concerned with reporting financial information to interested external parties.
    financial accounting
  178. The private organization responsible for establishing the standards for financial accounting and reporting in the United States.
    Financial Accounting Standards Board (FASB)
  179. Relationships between financial statement amounts.
    financial ratios
  180. The examination of both the relationships among financial statement numbers and the trends in those numbers over time.
    financial statement analysis
  181. Reports such as the balance sheet, income statement and statement of cash flows,which summarize the financial status and results of operations of a business entity.
    financial statements
  182. Transactions and events whereby resources are obtained from, or repaid to, owners (equity financing) and creditors (debt financing).
    financing activities
  183. Manufactured products ready for sale.
    finished goods
  184. Inventory that has completed the production process and is ready for sale to customers.
    finished goods inventory
  185. En entity's reporting year, covering a 12 month accounting period.
    fiscal year
  186. A measure of the number of dollars in sales generated by each dollar of fixed assets; computed as sales divided by property, plant and equipment.
    fixed asset (PP&E) turnover
  187. Costs that remain fixed in total, regardless of activity level, over a certain range of activity.
    fixed costs
  188. The difference between the standard (or budgeted) fixed manufacturing overhead established at the beginning of the reporting period and the actual fixed manufacturing overhead incurred.
    fixed manufacturing overhead budget variance
  189. A quantified plan that projects revenues and costs for varying levels of activity.
    flexible budget
  190. The minimum market amount at which inventory can be carried on the books, equal to net realizable value minus a normal profit.
  191. A business term meaning that the seller of merchandise bears the shipping costs and maintains ownership until the merchandise is delivered to the buyer.
    FOB (free on board) destination
  192. A business term meaning that the buyer of merchandise bears the shipping costs and acquires ownership at the point of shipment.
    FOB (free on board) shipping point
  193. Legislation requiring any company that has publicly traded stock to have an adequate system of internal accounting controls.
    Foreign Corrupt Practices Act (FCPA)
  194. A sale in which the price is denominated in a currency other than the currency of the seller's home country.
    foreign currency transaction
  195. An entity that has been licensed to sell the product of a manufacturer or to offer a particular service in a given area.
  196. A diagram that represents the flexibility a manager has, within GAAP, to report one earnings number from among many possibilities based on different methods and assumptions.
    GAAP oval
  197. Money made or lost on activities outside the normal operation of a company.
    gains (losses)
  198. Authoritative guidelines that define accounting practice at a particular time
    Generally accepted accounting principles (GAAP)
  199. Auditing standards developed by the PCAOB for public companies and AICPA for private companies.
    generally accepted auditing standards (GAAS)
  200. The selection of goals for responsibility centers that are consistent, or congruent, with those of the company as a whole.
    goal congruence
  201. The idea that an accounting entity will have a continuing existence for the foreseeable future.
    going concern assumption
  202. An intangible asset that exists when a business is valued at more than the fair market value of its net assets, usually due to strategic locations, reputation, good customer relations, or similar factors; equal to the excess of the purchase price over the fair market value of the net assets purchased.
  203. A procedure for estimating the amount of ending inventory; the historical relationship of cost of goods sold to sales revenue is used in computing ending inventory.
    gross margin method
  204. The excess of net sales revenue over the cost of goods sold.
    gross profit (gross margin)
  205. Total recorded sales before sales discounts and sales returns and allowances.
    gross sales
  206. A debt security purchased by an investor with the intent of holding the security until it matures.
    held to maturity security
  207. A method of segregating the fixed and variable components of a mixed cost by analyzing the costs at the highest and lowest activity levels within a relevant range.
    high low method
  208. The dollar amount originally exchanged in an arm's length transaction; assumed to reflect the fair market value of an item at the transaction date.
    historical cost
  209. The financial opportunity costs that result from investing money in an asset such as inventory instead of in an alternate investment.
    holding costs
  210. The minimum rate of return that an investment must provide in order to be acceptable.
    hurdle rate
  211. A decline in the value of a long term operating asset.
  212. The practice of carefully timing the recognition of revenues and expenses to even out the amount of reported earnings from one year to the next.
    income smoothing
  213. The financial statement that reports the amount of net income earned by a company during a period.
    income statement (statement of earnings)
  214. Procedures for continual internal verification of other controls.
    independent checks
  215. Costs normally incurred for the benefit of several segments or activities, sometimes called common costs or joint costs.
    indirect costs
  216. Labor that is necessary to a manufacturing or service business but is not directly related to the actual production of the product.
    indirect labor
  217. Materials that are necessary to a manufacturing or service business but are not directly included in or are not a significant part of the actual product.
    indirect materials
  218. A method of reporting net cash flows from operations that involves converting accrual basis net income to a cash basis.
    indirect method
  219. Long lived assets without physical substance that are used in business; include licenses, patents, franchises, and goodwill.
    intangible assets
  220. The payment (cost) for the use of money.
  221. An independent group of experts (in controls, accounting, and operations) who monitor operating results and financial records, evaluate internal controls, assist with increasing the efficiency and effectiveness of operations, and detect fraud.
    internal auditors
  222. Policies and procedures established to provide management with reasonable assurance that the objectives of an entity will be achieved.
    internal control structure
  223. A financial goal established within a company.
    internal earnings target
  224. Costs of quality that relate specifically to the expenses that occur when low quality products and services fail during production or before delivery to customers.
    internal failure costs
  225. The true discount rate that will produce a net present value of zero when applied to the future cash flows of a capital investment.
    internal rate of return
  226. A capital budgeting technique that uses discounted cash flows to find the true discount rate of an investment; this true rate produces a net present value of zero.
    internal rate of return method
  227. A government agency that prescribes the rules and regulations that govern the collection of tax revenues in the United States.
    Internal revenue service (IRS)
  228. A committee formed to develop worldwide accounting standards.
    International Accounting Standards Board (IASB)
  229. A set of accounting standards produced by the IASB that can be used by all companies regardless of where they are based.
    International Financial Reporting Standards (IFRSs)
  230. A method of determining the internal rate of return when the factor for that rate lies between the factors given in the present value table.
  231. Goods held for resale.
  232. The amount of inventory that is lost, stolen, or spoiled during a period; determined by comparing perpetual inventory records to the physical count of inventory.
    inventory shrinkage
  233. A measure of the efficiency with which inventory is managed; equal to cost of goods sold divided by average inventory.
    inventory turnover
  234. Transactions and events that involve the purchase and sale of securities (excluding cash equivalents), property, plant, equipment, and other assets not generally held for resale, and the making and collecting of loans.
    investing activities
  235. An organizational unit in which a manager has control over and is held accountable for cost, revenue, and asset performance.
    investment center
  236. A method of product costing whereby each job, product or batch of products is costed separately.
    job order costing
  237. When one material input is used to produce more than one product.
    joint manufacturing process
  238. The costs that a firm incurs before the point at which the different products are separated for further processing or immediate sale.
    joint product costs
  239. An accounting record in which transactions are first entered; provides a chronological record of all business activities.
  240. A recording of a transaction where debits equal credits; usually includes a date and an explanation of the transaction.
    journal entry
  241. Recording transactions in a journal
  242. Bonds issued by companies in weak financial condition with large amounts of debt already outstanding; these bonds yield high rates of return because of high risk.
    junk bonds
  243. A management philosophy that emphasizes removing all waste of effort, time, and inventory costs from the organization.
    Just in time (JIT)
  244. A signaling system that pulls (rather than pushes) parts forward through the production system.
  245. The extent to which the actual labor used varies from the standard quantity; computed by multiplying the difference between the actual quantity of labor used and the standard of quantity of labor allowed by the standard rate.
    labor efficiency variance
  246. The extent to which the standard labor rate varies from the actual rate for the quantity of labor used; computed by multiplying the difference between the standard rate and teh actual rate by the quantity of labor used.
    labor rate variance
  247. Measures that indicate the success of past business activities related to the concept outcome measures.
    lagging indicators
  248. The time interval between initiating a request and finally fulfilling the request.
    lead time
  249. Measures that indicate the potential success of future business activities related to the concept "leading measures."
    leading indicators
  250. Measures that, if successfully implemented, will support desired performance in other business activities. Note that some leading measures can also serve as outcome measures.
    leading measures
  251. A contract that specifies the terms under which the owner of an asset (the lessor) agrees to transfer the right to use the asset to another party (the lessee).
  252. A decision to undertake the project with the smallest negative net present value.
    least cost decision
  253. A book of accounts in which data from transactions recorded in journals are posted and thereby summarized.
  254. The party that is granted the right to use property under the terms of a lease.
  255. The owner of property that is leased (rented) to another party.
  256. Borrowing that allows a company to purchase more assets than its stockholders are able to pay for through their own investment.
  257. Obligations to pay cash, transfer other assets, or provide services to someone else.
  258. The process of measuring all costs involved in creating, producing and using a product or service.
    life cycle costing
  259. An inventory cash flow assumption whereby the last goods purchased are assumed to be the first goods sold so that the ending inventory consists of the first goods purchased.
    LIFO (last in, first out)
  260. The legal protection given stockholders whereby they are responsible for the debts and obligations of a corporation only to the extent of their capital contributions.
    limited liability
  261. An arrangement whereby a bank agrees to loan an amount of money (up to a certain limit) on demand for short periods of time, usually less than a year.
    line of credit
  262. The company's ability to pay its debts in the short run.
  263. Assets that a company needs in order to operate its business over an extended period of time.
    long term assets
  264. Debts or other obligations that are not expected to be satisfied within a year.
    long term liabilities
  265. Assets expected to be held and used over the course of several years to facilitate operating activities.
    long term operating assets
  266. A basis for valuing inventory at the lower of original cost or current market value.
    lower of cost or market (LCM) rule
  267. The area of accounting concerned with providing internal financial reports to assist management in making decisions.
    management accounting
  268. The strategy of focusing attention on significant deviations from standard costs or expectations.
    management by exception
  269. Organizations that focus on using labor and/or machinery to convert raw materials into marketable products.
    manufacturing organizations
  270. All costs incurred in the manufacturing process other than direct materials and direct labor.
    manufacturing overhead
  271. A schedule of production costs other than those for direct labor and direct materials.
    manufacturing overhead budget
  272. The rate at which manufacturing overhead costs are assigned to products; equals estimated manufacturing overhead costs for the period divided by the number of units of the activity base being used.
    manufacturing overhead rate
  273. An account used to track the difference between the historical cost and the market value of a company's portfolio of trading securities.
    Market adjustment - trading securities
  274. The actual interest rate earned or paid on a bond investment.
    market rate (effective rate or yield rate) of interest
  275. The percentage share one company receives of the total sales revenue in the economy for a particular product or service.
    market share
  276. The value of a company as measured by the number of shares of stock outstanding multiplied by the current market price of the stock; the current value of a business.
    market value
  277. A network of many separate schedules and budgets that together constitute the overall operating and financing plan for the coming operating period.
    master budget
  278. The concept that all costs and expenses incurred in generating revenues must be recognized in the same reporting period as the related revenues.
    matching principle
  279. The extent to which the standard price varies from the actual price for the quantity of materials purchased or used; computed by multiplying the difference between the standard and actual prices by the quantity purchased or used.
    materials price variance
  280. The extent to which the actual quantity of materials varies from the standard quantity; computed by multiplying the difference between the standard quantity of materials allowed and actual quantity of materials used by the standard price.
    materials quantity variance
  281. Organizations that focus on buying products from manufacturers and then distributing those products to customers.
    merchandising organizations
  282. The amount of equity investment made by outside shareholders to consolidated subsidiaries that are not 100% owned by the parent.
    minority interest
  283. Costs that contain both variable and fixed cost components
    mixed costs
  284. The idea that money is the accounting unit of measurement and that only economic activities measurable in monetary terms are included in the accounting model.
    monetary measurement
  285. A schedule that shows the breakdown between interest and principle for each payment over the life of a mortgage.
    mortgage amortization schedule
  286. A written promise to pay a stated amount of money at one or more specified future dates; certain assets, usually real estate, are pledged as collateral.
    mortgage payable
  287. Assets that are physically consumed or waste away.
    natural resources
  288. The owners' equity of a business; equal to total assets minus total liabilities.
    net assets
  289. An overall measure of the performance of a company; equal to revenues minus expenses for the period.
    net income (net loss)
  290. The difference between normal business sales and normal business expenses.
    net operating profit
  291. The difference between the present values of an investment's expected cash inflows and outflows.
    net present value
  292. A capital budgeting technique that uses discounted cash flows to compare the present values of an investment's expected cash inflows and outflows.
    net present value method
  293. The net cost of inventory purchased during a period, after adding the cost of freight in and subtracting returns and discounts.
    net purchases
  294. The selling price of an item less reasonable selling costs.
    net realizable value
  295. The net amount that would be received if all receivables considered collectible were collected; equal to total accounts receivable less the allowance for bad debts.
    net realizable value of accounts receivable
  296. Gross sales less sales discounts and sales returns and allowances.
    net sales
  297. Accounts that are closed to a zero balance at the end of each accounting period; temporary accounts generally appearing on the income statement.
    nominal accounts
  298. Items included in the determination of net income on an accrual basis that do not affect cash; for example, depreciation and amortization.
    noncash items
  299. Investing and financing activities that do not affect cash; if significant, they are disclosed below the statement of cash flows or in the notes to the financial statements.
    noncash transactions
  300. An entity without a profit objective, oriented toward providing services efficiently and effectively.
    non profit organization
  301. Unnecessary activities in a production or service process that customers typically do not see or care about and for which they are unwilling to pay.
    non value added activities
  302. Explanatory information considered an integral part of the financial statements.
    note to the financial statements
  303. A check that is not honored by a bank because of insufficient cash in the check writer's account.
    NSF (not sufficient funds) check
  304. A measure of how well operating cash flow is being managed; computed by dividing total inventory purchases by average accounts payable and then dividing 365 days by the result.
    number of days' purchases in accounts payable
  305. An alternative measure of how well inventory is being measured, equal to 365 divided by inventory turnover.
    number of days' sales in inventory
  306. Transactions and events that involve selling products or services and incurring the necessary expenses associated with the primary activities of the business; transactions and events that enter into the determination of net income.
    operating activities
  307. Funds available for use in financing the day to day activities of a business.
    operating capital
  308. A simple rental agreement.
    operating lease
  309. The extent to which fixed costs replace variable costs as part of a company's cost structure; the higher the proportion of fixed costs to variable costs, the faster income increases or decreases with changes in sales volume.
    operating leverage
  310. Managerial planning decisions regarding current and immediate future (a year or less) operations that are characterized by regularity and frequency.
    operational budgeting
  311. The benefits lost or forfeited as a result of selecting one alternative course of action over another.
    opportunity costs
  312. Lines of authority and responsibility.
    organizational structure
  313. Items incurred or earned from activities that are outside of, or peripheral to, the normal operations of a firm.
    other revenues and expenses
  314. Measures of desired outcome performance in activities critical to an organization's strategic goals. Note that some outcome measures are also leading measures to support desired performance in other business activities.
    outcome measures
  315. An arrangement in which one company provides services for another company which has historically performed those services for itself.
  316. Costs that require an outlay of cash or other resources.
    out of pocket costs
  317. The excess of applied manufacturing overhead (based on a predetermined application rate) over the actual manufacturing overhead costs for a period.
    overapplied manufacturing overhead
  318. The ownership interest in the net assets of an entity; equals total assets minus total liabilities.
    owners' equity
  319. A nominal value assigned to and printed on the face of each share of a corporation's stock.
    par value
  320. A bottom up approach to budgeting that involves the full cooperation and participation of managers at all levels of the organization.
    participative budgeting
  321. An association of two or more individuals or organizations to carry on economic activity.
  322. An exclusive right granted for 20 years by the federal government to manufacture and sell an invention.
  323. A capital budgeting technique that determines the amount of time it takes the net cash inflows of an investment to repay the investment cost.
    payback method
  324. An agreement between an employer and employees that provides for benefits upon retirement.
  325. A general term used to describe all measures designed to capture information about performance related to a particular activity or process.
    performance measures
  326. Costs not directly related to a product, service, or asset. They are charged as expenses to the income statement in the period in which they are incurred.
    period costs
  327. A system of accounting for inventory in which cost of goods sold is determined and inventory is adjusted at the end of the accounting period, not when merchandise is purchased or sold.
    periodic inventory system
  328. A system of accounting for inventory in which detailed records of the number of units and the cost of each purchase and sales transaction are prepared throughout the accounting period.
    perpetual inventory system
  329. The excess of the sales price of one unit over its variable costs.
    per unit contribution margin
  330. Physical precautions used to protect assets and records.
    physical safeguards
  331. Outlining the activities that need to be performed for an organization to achieve its objectives.
  332. A listing of all real account balances after the closing process has been completed; tests whether total debits equal total credits for all real accounts prior to beginning a new accounting style.
    post closing trial balance
  333. Benefits paid to employees who have been laid off or terminated.
    postemployment benefits
  334. The process of transforming amounts from the journal to the ledger.
  335. A rate at which estimated manufacturing overhead costs are assigned to products throughout the year; equals total estimated manufacturing overhead costs divided by a suitable allocation base, such as number of units produced.
    predetermined overhead rate
  336. A class of stock that usually provides dividend and liquidation preferences over common stock.
    preferred stock
  337. Payments made in advance for items normally charged to expense.
    prepaid expenses
  338. The value today of money to be received or paid in the future.
    present value
  339. The value today of $1 to be received or paid at some future date, given a specified interest rate.
    present value of $1
  340. The value today of a series of equally spaced, equal amount payments to be made or received in the future given a specified interest rate.
    present value of an annuity
  341. Internal control activities that are designed to prevent the occurrence of errors and fraud.
    preventative controls
  342. Costs of quality that relate specifically to design, training, and other investments to ensure that processes are performed correctly the first time and that products and services meet customers' expectations.
    prevention costs
  343. A measure of growth potential, earnings stability, and management capabilities; equal to market value divided by net income.
    price earnings ratio
  344. The balance sheet, income statement, and statement of cash flows, used by external groups to assess a company's economic standing.
    primary financial statements
  345. The amount that will be paid on a bond at the maturity date.
    principal (face value or maturity value)
  346. A method of product costing whereby costs are accumulated by process or work centers and averaged over all products manufactured in a center or department during a particular production period, includes the FIFO method and the weighted average method.
    process costing
  347. Costs associated with products or services offered.
    product costs
  348. Activities that take place in order to support a product line, regardless of the number of batches or individual units produced.
    product line activities
  349. A schedule of production requirements for the budget period.
    production budget
  350. A document that compiles all the costs of a manufacturing center for a particular production period; its information is used to control and evaluate production costs and transfer costs and units of output from one manufacturing center to another.
    production cost report
  351. Management's continual evaluation of various product lines and divisions' profitability in order to analyze and identify problems and potential solutions.
    production prioritizing
  352. An organizational unit in which a manager has control over and is held accountable for both cost and revenue performance.
    profit center
  353. A graph that shows how profits vary with changes in volume.
    profit graph
  354. An overall measure of the profitability of operations during a period; computed by dividing operating profit by revenue.
    profit margin (operating performance) ratio
  355. The present value of net cash inflows divided by the cost of an investment.
    profitability index
  356. Tangible, long lived assets acquired for use in business operations; includes land, buildings, machinery, equipment and furniture.
    property, plant and equipment
  357. A business owned by one person.
  358. A report provided to potential investors that represents a company's financial statements and explains its business plan, sources of financing, and significant risks.
  359. Board of five full time members established by the Sarbanes-Oxley Act to oversee the accounting and auditing profession.
    Public Company Accounting Oversight Board (PCAOB)
  360. A schedule of projected purchases over the budget period.
    purchases budget
  361. The ordering of acceptable investment alternatives from most to least desirable.
  362. Materials purchased for use in manufacturing products.
    raw materials
  363. The inventory of raw materials that have not yet begun the production process.
    raw materials inventory
  364. Accounts that are not closed to a zero balance at the end of each accounting period; permanent accounts appearing on the balance sheet.
    real accounts
  365. Gains and losses resulting from the sale of securities in an arm's length transaction.
    realized gains and losses
  366. Claims for money, goods or services.
  367. Bonds for which the names and addresses of the bondholders are kept on file by the issuing company.
    registered bonds
  368. On a scattergraph, the straight line that most closely expresses the relationship between the variables.
    regression line
  369. The range of operating level, or volume of activity, over which the relationship between total costs (variable plus fixed) and activity level is approximately linear.
    relevant range
  370. The amount of operating profit earned above a specified minimum rate of return on assets; used to evaluate investment centers.
    residual income
  371. A system of evaluating performance; managers are held accountable for the costs, revenues, assets, or other elements over which they have control.
    responsibility accounting
  372. An organizational unit in which a manager has control over and is held accountable for performance.
    responsibility center
  373. Second tier merchants who typically purchase products from wholesalers to distribute to end user customers.
  374. The amount of accumulated earnings of the business that have not been distributed to owners; the portion of a corporation's owners' equity that has been earned from profitable operations and not distributed to stockholders.
    retained earnings
  375. A measure of the amount of profit earned per dollar of investment, equal to net income divided by equity.
    return on equity
  376. A measure of operating performance and efficiency in utilizing assets; computed in its simplest form by dividing net income by average total assets (also known as return on assets or ROA).
    return on investment (ROI)
  377. A measure of the amount of profit earned per dollar of sales; equal to net income divided by sales.
    return on sales
  378. A measure of operating performance; computed by dividing net income by total sales revenue. Similar to profit margin.
    return on sales revenue
  379. Increase in a company's assets from the sale of goods or services.
  380. A service entity's budget that identifies how much revenue (and often cash) will be generated during a period.
    revenue budget
  381. the process of recording revenue in the accounting records; occurs after the work has been substantially completed and cash collection is reasonably assured.
    revenue recognition
  382. The idea that revenues should be recorded when (1) the earnings process has been substantially completed and (2) cash has either been collected or collectibility is reasonably assured.
    revenue recognition principle
  383. A schedule of projected sales over the budget period.
    sales budget
  384. A reduction in the selling price allowed if payment is received within a specified period.
    sales discount
  385. The relative proportion of total sales dollars (or total units sold) that is represented by each of a company's products.
    sales mix
  386. The difference between the expected or standard price and the actual price multiplied by the actual quantity sold; measures that part of the variance between expected and actual sales revenue that is due to differences between expected and actual prices of goods.
    sales price variance
  387. A contra revenue account in which the return of, or allowance for reduction in the price of, merchandise previously sold is recorded.
    sales returns and allowances
  388. Money collected from customers for sales taxes that must be remitted to taxing authorities.
    sales tax payable
  389. The difference between the expected quantity and the actual quantity sold multiplied by the expected or standard price; measures that part of the variance between expected and actual sales revenue that is due to the difference between expected and actual volume of goods sold.
    sales volume variance
  390. The amount expected to be received when an asset is sold at the end of its useful life.
    salvage value
  391. A law passed by Congress in 2002 that gives the SEC significant oversight responsibility and control over companies issuing financial statements and their external auditors.
    Sarbanes-Oxley Act
  392. A method of segregating the fixed and variable components of a mixed cost by plotting total costs at several activity levels and drawing a regression line through the points.
    scattergraph (visual fit) method
  393. Determining whether a capital investment meets a minimum standard of financial acceptability.
  394. Bonds for which assets have been pledged in order to guarantee repayment.
    secured bonds
  395. The government body responsible for regulating the financial reporting practices of most publicly owned corporations in connection with the buying and selling of stocks and bonds.
    Securities and Exchange Commission (SEC)
  396. A profit and loss statement that identifies costs directly chargeable to a segment and further divides them into variable and fixed cost behavior patters.
    Segment margin statement
  397. The difference between segment revenue and direct segment costs; a measure of the segment's contribution to cover indirect fixed costs and provide profits, in effect, the operating profit created by the segment.
    segment margins
  398. The segment margin divided by the segment's net sales revenue; a measure of the efficiency of the segment's operating performance, and, therefore, its profitability.
    segment margin ratios
  399. Parts of an organization requiring separate reports for evaluation by management.
  400. A strategy to provide an internal check on performance through separation of authorization of transactions from custody of related assets, operational responsibilities from recordkeeping responsibilities, and custody of assets from accounting personnel.
    segregation of duties
  401. A schedule of all nonproduction spending expected to occur during the budget period.
    selling and administrative expense budget
  402. A method of assessing the reasonableness of a decision that was based upon estimates; involves calculating how far reality can differ from an estimate without invalidating the decision.
    sensitivity analysis
  403. The idea that the activities of an entity are to be separated from those of the individual owners.
    separate entity concept
  404. Bonds that mature in a series of installments at specified future dates.
    serial bonds
  405. Organizations that focus on delivery of marketable services, such as legal advice or education, to individuals or other organizations.
    service organizations
  406. The budget, prepared by service entities, that identifies projected costs associated with providing the service.
    service overhead budget
  407. A measure of quality based on statistical analysis; products or services with six sigma quality have no more than 3.4 defects per million opportunities (parts or events).
    six sigma quality
  408. Federal Insurance Contributions Act taxes imposed on the employee and the employer; used mainly to provide retirement benefits.
    Social Security (FICA) taxes
  409. An order that may be priced below the normal selling price in order to utilize excess capacity and thereby contribute to company profits.
    special order
  410. A method of valuing inventory and determining cost of goods sold whereby the actual costs of specific inventory items are assigned to them.
    specific identification
  411. A cost accumulation system in which standard costs are used as product costs instead of actual costs. The standard costs are then adjusted to actual costs when financial reports are created. This adjustment creates variances that are reported to management.
    standard cost system
  412. The rate of interest printed on the bond.
    stated rate of interest
  413. The financial statement that shows an entity's cash inflows (receipts) and outflows (payments) during a period of time.
    statement of cash flows
  414. A statement outlining the changes in accumulated comprehensive income that arose during the period.
    statement of comprehensive income
  415. A report that shows the changes in retained earnings during a period of time.
    statement of retained earnings
  416. A financial statement that reports all changes in stockholders' equity.
    statement of stockholders' equity
  417. A quantified plan that projects revenues and costs for only one level of activity.
    static budget
  418. A statistical technique for identifying and measuring the quality status of a process by evaluating its output to determine if serious problems exist in the process.
    statistical process control (SPC)
  419. Costs that change in total in a stair step fashion (in large amounts) with changes in volume of activity.
    stepped costs
  420. Individuals or organizations that own a portion (shares of stock) of a corporation.
    stockholders (shareholders)
  421. The owners' equity section of a corporate balance sheet.
    stockholders' equity
  422. A method of systematically writing off a bond discount or premium in equal amounts each period until maturity.
    straight line amortization
  423. The depreciation method in which the cost of an asset is allocated equally over the periods of an asset's estimated useful life.
    straight line depreciation method
  424. Broad, long range planning usually conducted by top management.
    strategic planning
  425. The accelerated depreciation method in which a constant balance (cost minus salvage value) is multiplied by a declining depreciation rate.
    sum of the years' digits (SYD) depreciation method
  426. Costs that are past costs and do not change as a result of a future decision.
    sunk costs
  427. The budget, prepared by service entities, that identifies projected supplies expenses over the budget period.
    supplies budget
  428. A simplified depiction of an account in the form of a letter T.
    T account
  429. A profit level desired by management.
    target income
  430. Bonds that mature in one single sum at a specified future date.
    term bonds
  431. The concept that a dollar received now is worth more than a dollar received in the future.
    time value of money
  432. The idea that the life of a business is divided into distinct and relatively short time periods so that accounting information can be timely.
    time period concept
  433. A measure of a borrower's ability to make required interest payments; equal to operating profit divided by annual interest expense.
    times interest earned ratio
  434. A management philosophy focused on increasing profitability by improving the quality of products and processes and increasing customer satisfaction, while promoting the well being and growth of employees.
    total quality management (TQM)
  435. A distinctive name, symbol or slogan that distinguishes a product or service from similar products or services.
  436. Debt and equity securities purchased with the intent of selling them should the need for cash arise or to realize short term gains.
    trading securities
  437. Exchange of goods or services between entities (whether individuals, businesses, or other organizations), as well as other events having an economic impact on a business.
  438. Issued stock that has subsequently been reacquired by the corporation.
    treasury stock
  439. A listing of all account balances; provides a means of testing whether total debits equal total credits for all accounts.
    trial balance
  440. A capital budgeting technique in which a rate of return is calculated by dividing the increase in the average annual net income a project will generate by the initial investment cost.
    unadjusted rate of return method
  441. The excess of actual manufacturing overhead costs over the applied overhead costs for a period (based on a predetermined application rate).
    underapplied manufacturing overhead
  442. Cash amounts received before they have been earned.
    unearned revenues
  443. Activities that take place each time a unit of product is produced.
    unit level activities
  444. The depreciation method in which the cost of an asset is allocated to each period on the basis of the productive output or use of the asset during the period.
    units of production method
  445. An investment in which the proprietor or partners are responsible for all debts.
    unlimited liability
  446. Gains and losses resulting from changes in the value of securities that are still being held.
    unrealized gains and losses
  447. Expenses incurred during a period that have not been recorded by the end of that period.
    unrecorded liabilities
  448. Revenues earned during a period that have not been recorded by the end of that period.
    unrecorded receivables
  449. Necessary activities in a production or service process that customers identify as valuable and for which they are willing to pay.
    value added activities
  450. The change in cost divided by the change in activity; the slope of the regression line.
    variable cost rate
  451. Costs that change in total in direct proportion to changes in activity level.
    variable costs
  452. The difference between the standard variable manufacturing overhead allowed for (1) the standard activity level and (2) the amount predicted based on the actual activity level.
    variable manufacturing overhead efficiency variance
  453. The difference between the variable overhead manufacturing costs as predicated by the actual activity cost driver and the variable manufacturing overhead costs actually incurred.
    variable manufacturing overhead spending variance
  454. Any deviation from standard.
  455. A company that provides needed cash to companies in return for an ownership interest.
    venture capital firm
  456. The difference between the expected (or budgeted) production output established as the beginning of the reporting period and the actual production output.
    volume variance
  457. The budget, prepared by service entities, that identifies projected labor costs involved directly in providing the service over the budget period.
    wages and salaries budget
  458. The average cost of a firm's debt and equity capital, weighted by the relative amounts of each source of financing; equals the average rate of return that a company must earn on its invested capital in order to satisfy the demands of its owners and creditors.
    weighted average cost of capital (WACC)
  459. Top tier merchants who typically deal directly with the original manufacturers to distribute products to retailers.
  460. Partially completed units in production.
    work in process
  461. A tool used by accountants to facilitate the preparation of financial statements.
    work sheet
  462. Inventory that is partly completed in the production process, but not yet ready for sale to customers.
    work in process inventory
  463. Bonds issued with no promise of interest payments; only a single payment will be made.
    zero coupon bonds
Card Set:
Accounting concepts & applications
2016-01-13 19:55:06
financial accounting excelsior

Definitions for 11th edition Accounting concepts and applications Albrecht, Stice, Stice, Swain
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