FABM2 at University Of San Jose Recoletos | Flashcards & Summaries

Lernmaterialien für FABM2 an der University of San Jose Recoletos

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TESTE DEIN WISSEN

 Pertain to the sale of goods, on cash or credit terms, of a merchandising business.

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TESTE DEIN WISSEN

Sales

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Are earnings derived by a professional or professional servicing entity, which may be on cash or credit terms.

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TESTE DEIN WISSEN

Professional fees

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Refers to earnings of service business from the services rendered to its client on a cash or credit basis.

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TESTE DEIN WISSEN

Service income/revenues

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Includes the yield on promissory notes, which can be received in cash or collectible on a future date.

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Interest Income

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Represents the earnings of the owner or lessor from his or her property or facility received or collectible from the occupant, called the tenant or lessee. 

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Rent Income

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TESTE DEIN WISSEN

Refers to income obtained from the sale of old, retired or replaced assets, such as equipment, investments in shares of stock and land.

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Gain on sale of assets

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TESTE DEIN WISSEN

A single-step income statement includes the cost of goods sold as another expense and shows only one subtotal for total expenses.

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TESTE DEIN WISSEN

True

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The gross amount of purchases made, less deductions for purchase discounts, returns, and allowance.

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Net purchases

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 Represents the estimated amount of customers' debt to the company, which are deemed to be uncollectible. Also called bad debts expense or uncollectible accounts expense.

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Doubtful Accounts Expense

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TESTE DEIN WISSEN

All revenues are listed down in one section while all expenses are listed in another.

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TESTE DEIN WISSEN

single-step SCI

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TESTE DEIN WISSEN

Refers to costs of permits to operate a business, and business taxes paid to the local government units, the Register of Deeds, and the Bureau of Internal Revenue, among others.

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Taxes and Licenses

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This is “contrary” to the normal balance of the sales or revenue accounts.

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Contra-revenue Accounts

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Q:

 Pertain to the sale of goods, on cash or credit terms, of a merchandising business.

A:

Sales

Q:

Are earnings derived by a professional or professional servicing entity, which may be on cash or credit terms.

A:

Professional fees

Q:

Refers to earnings of service business from the services rendered to its client on a cash or credit basis.

A:

Service income/revenues

Q:

Includes the yield on promissory notes, which can be received in cash or collectible on a future date.

A:

Interest Income

Q:

Represents the earnings of the owner or lessor from his or her property or facility received or collectible from the occupant, called the tenant or lessee. 

A:

Rent Income

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Q:

Refers to income obtained from the sale of old, retired or replaced assets, such as equipment, investments in shares of stock and land.

A:

Gain on sale of assets

Q:

A single-step income statement includes the cost of goods sold as another expense and shows only one subtotal for total expenses.

A:

True

Q:

The gross amount of purchases made, less deductions for purchase discounts, returns, and allowance.

A:

Net purchases

Q:

 Represents the estimated amount of customers' debt to the company, which are deemed to be uncollectible. Also called bad debts expense or uncollectible accounts expense.

A:

Doubtful Accounts Expense

Q:

All revenues are listed down in one section while all expenses are listed in another.

A:

single-step SCI

Q:

Refers to costs of permits to operate a business, and business taxes paid to the local government units, the Register of Deeds, and the Bureau of Internal Revenue, among others.

A:

Taxes and Licenses

Q:

This is “contrary” to the normal balance of the sales or revenue accounts.

A:

Contra-revenue Accounts

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