ACCT 2331 Study Guide - Midterm Guide: Earnings Before Interest And Taxes, Income Statement, Profit Margin
20 Mar 2017
School
Department
Course
Professor
Document Summary
Exam 2 study guide: 3 fundamental types of activities, operating activities: transactions with revenues & expenses, investing activities: investment in long-term assets & securities, financing activities: finance the business with borrowing & owner investment. [formal procedures: control activities: policies that ensue management directives are carried out. [authorize, reconcile, separate: risk assessment: identify & analyze, internal & external factors that can stop objectives, control environment: overall ethic tone w/ respect to internal controls. Nash wants a spa treatment that charges . She decides to get it done, august 1, but doesn"t pay cash at the time of service. : non-trade receivables: originate from sources excluding customers [tax refund, interest, loans, a calendar-year-end company that accepts 3-month interest bearing note dec. 1 will. Accrue-interest revenue dec. 31: trade discount: [recognized indirectly; record revenue at lower amount] is a reduction from list price; provide incentives to larger customers or certain groups. Spa treatment normally is , but company offers 15% discount at the time.
