1077357-ACC-310F-Final-Flashcards
To ensure the best experience,the purchases/production budget,by some future action opportunity cost an economic concept relating to income forgone because an opportunity to earn income was not pursued capital budgeting the process of analyzing proposed investments in plant and equipment and other long-lived assets purchase price variance= (standard price-actual price) x actual quantity assets= liabilities+owners
equity increases in assets are recorded as _____ entries to "T" accounts debits decreases in assets are recorded as ______ entries to "T" accounts credits account that should be closed at the end of the year revenues YOU MIGHT ALSO LIKE... Financial Accounting & Reporting (FAR) | CPA Exam SurgentCPAReview $8.99 STUDY GUIDE Chapter 14
Vocab 21 Terms ZahraB ACCT Vocabulary Test 52 Terms elisa_dao Chapter 14 47 Terms Jeffrey_Ohmer OTHER SETS BY THIS CREATOR RS 6335 16 Terms michaelfaaron LEB 320F Final 6335 Terms michaelfaaron LEB 320F Test 1 6335 Terms michaelfaaron Spn. 601D Ch. 6 Flashcards 99 Terms michaelfaaron ;
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About Company Press Careers Advertise Privacy Ad and Cookie 6335 Quizlet Inc.,or an expense that has been incurred but not paid reclassifications ex. supplies are an asset and then turn into an expense when
they are consumed depreciation the loss of value on an asset; requires reclassification master budget operating plan comprising the sales forecast,the operating expense budget,please update your browser. Learn more ACC 310F Final STUDY Flashcards Learn Write Spell Test PLAY Match Gravity Created by michaelfaaron Terms in this set (21) journal a chronological record of transactions
ledger/T accounts an account format with debit on the left and credit on the right end of period adjustments results in more accurate financial statements. Involve accruals and reclassifications. accruals the process of recognizing revenue that has been earned but not collected,or,the cash budget,the income statement budget,and the budgeted balance sheet top-down budgeting a budgeting
approach that implies little or no input from lower levels of management participative budgeting a budgeting process that involves the input and negotiation of several layers of management zero-based budgeting a budgeting process that involves justifying resource requirements based on an analysis an prioritization of unit objectives without reference to prior period budget allowances balanced
scorecard a set of integrated financial and operating performance measures that communicates an organization's priorities associated with achieving strategic goals differential cost a cost that will differ based on the selection of an alternative activity relevant cost cost classification used in analyzing costs of decision alternatives; costs are relevant when they represent future differences between alternatives sunk cost cost that has been incurred and that cannot be unincurred