Under the accrual basis of accounting the account Supplies Expense reports the amount of supplies that were used during the time interval indicated in the heading of the income statement. Supplies that are on hand...
Under the accrual basis of accounting the account Supplies Expense reports the amount of supplies that were used during the time interval indicated in the heading of the income statement. Supplies that are on hand...
See job order costing.
See variable manufacturing overhead spending variance.
See straight-line method of depreciation.
A non-operating item resulting from the sale of this long-term asset for less than its carrying amount (or book value).
An income statement account at a financial institution used to record and report the amounts earned from fees charged to customers.
A highly summarized income statement
A trademark associated with a service rather than a product.
A statement that shows the changes in retained earnings from one point to another.
A balance sheet which is a projection of the amounts at a future date. It should be based on the projected, budgeted transactions.
The method of accounting for treasury stock whereby the cost of the stock that is repurchased by the issuing corporation is recorded and is reported in the contra stockholders’ equity account Treasury Stock.
The paid-in (or contributed) capital account that is credited $100 for each share of $100 par preferred stock that is issued. If the proceeds from the issuance or sale of one of the shares is greater than $100, the...
In activity-based costing this refers to the allocation of the cost of activities (determined by stage 1 allocations) to the cost objects such as products or services.
A non-operating item resulting from the sale of this long-term asset for less than its carrying amount (or book value).
The discounted value of a single future amount. To learn more, see our Present Value of a Single Amount Outline.
A non-operating item resulting from the sale of this long-term asset for less than its carrying amount (or book value).
The optimum purchase (or production) quantity which minimizes the combined total cost of carrying inventory and processing additional purchase orders (or production setups).
A parody of FIFO used to describe a very slow-moving item in inventory.
A term often used in present value calculations to distinguish a one-time cash amount from an annuity (or series of equal payments).
One of the main financial statements of a nonprofit organization. This financial statement reports the revenues and expenses and the changes in the amounts of each of the classes of net assets during the period shown in...
Sales before deducting sales returns, sales allowances, and sales discounts.
Systematically moving the same amount each accounting period from a balance sheet account to an income statement account. For example, if the amount of Discount on Bonds Payable on a 10-year bond is not significant, then...
See current liabilities.
Financial Statements Video Training Part 2 Balance sheet: accounts receivable, estimated allowance for doubtful accounts, inventory cost flows (FIFO & LIFO) Must-Watch Video Learn How to Advance Your Accounting and...
A revenue account that reports the sales of merchandise. Sales are reported in the accounting period in which title to the merchandise was transferred from the seller to the buyer.
The activities provided by a nonprofit in carrying out one of its major programs.
Also referred to as a shareholder. The owner of shares of stock in a corporation. Every corporation has common stock and those owners are known as common stockholders. Some corporations also issued preferred stock and...
A heading that includes common stock and preferred stock.
A selling expense account shown on the income statement in order to match this expense to the related sales.
This financial statistic is the net income of a corporation after income tax (less any preferred dividends) divided by the weighted average number of shares of common stock outstanding during the same period of time.
A certified public accountant (CPA) who practices accounting in his or her own firm without another CPA as a partner or shareholder.
Paper evidence of ownership in a corporation. The certificate would indicate the type of stock (common, preferred), any restrictions pertaining to the sale of the stock, the number of shares, the par value, etc. Today,...
Support that has been either temporarily or permanently restricted by the donor.
See income statement. To learn more, see Explanation of Income Statement.
The term that refers to the stock of a corporation which is traded on the stock exchanges (as opposed to stock that is privately held among a few individuals).
See dividends in arrears.
The statement of comprehensive income covers the same period of time as the income statement, and consists of two major sections: Net income (taken from the income statement) Other comprehensive income (adjustments...
What is the meaning of debtor? Definition of Debtor A debtor is a person, company, or other entity that owes money. In other words, the debtor has a debt or legal obligation to pay the amount owed. Example of Debtor If...
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