Accounting Concepts Quiz

Dependents, charitable contributions, or business expenses, which can reduce the amount of wages eligible to be taxed. Credits, which reduce taxes owed. Retirement plans.

• types of costs

• common tax deductions

• cost accounting

• variable costs

Tangible assets used to generate profit and will not be turned into cash within the year: "plant," land, computer equipment, furniture, cars, buildings, and equipment used to make products

• examples of long-term liabilities

• 2 types of ledgers

• examples of current assets

• examples of fixed assets

The general ledger provides in a single location the list of transactions affecting each account and the account's balance: A general ledger represents the formal ledger for a company's financial statements with debit and credit account records validated by a trial balance.

• What is manual system accounting?

• What is a general ledger?

• Benefits to computerized system accounting:

• perpetual inventory system

levied on properties and are generally based on the amount the property is worth

• Property taxes are

• probability sampling

• Credit cards allow you to

• Types of Costs

cost-volume-profit analysis (CVP), and Break-even analysis, Return on Investment

• What is the return on equity ratio? what does it measure?

• Methods to evaluate financial performance

• Methods for managing personal credit and debt

• Inventory costing systems

First in, First out (FIFO) and Last in, First out (LIFO)

• Job Costing Systems

• Break Even Equation

• Inventory Costing Systems

• Types Of Costs

financial ratios that reflect the level of the firm's profits relative to its sales; used to compare companies of different sizes

• variable costs

• profit margins

• net income (net profit)

• expected future tax rates

a variation of random sampling; the population is divided into subgroups and weighted based on demographic characteristics of the national population

• convenience sampling

• random sampling

• systematic sampling

• stratified sampling

Money borrowed to pay for education

• Student loans

• Credit cards

• Scholarships

• Home equity loans

borrow money for a short term at high interest; can keep a balance

• Inventory Costing Systems

• Credit cards allow you to

• What is a frequency table?

• What are variable assets