cornerstones chp 4 - quick review from 2101 . . . getting...

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quick review from 2101 . . . getting ready for T-accounts and journal entries Assets = Liabilities + Owners’ Equity Assets = Liabilities + Owners’ Equity Assets Assets . . . what you own . . . increase with a debit and decrease with a credit Liabilities Liabilities . . . what you owe . . . decrease with a debit and increase with a credit Owners’ Equity Owners’ Equity . . . combination of net income*, contributions, and withdrawals . . . decrease with a debit and increase with a credit *Net Income Revenue Revenue . . . income produced . . . decrease with a debit and increase with a credit Expense Expense . . . cost incurred in the generation of revenue . . . increase with a debit and decrease with a credit May 26, 2011 Accounting 2102 1
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May 26, 2011 Accounting 2102 2 Chapter 4 Job-Ordering Costing
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Relating Costs to Specific Cost Objects on a Per Unit Level The procedure for relating costs to a specific cost object is dependent upon the operating environment. 2 environments: Job Order . . . wide variety of products; costs accumulated by JOB example: Process . . . homogeneous products; costs accumulated by DEPARTMENT example: May 26, 2011 Accounting 2102 3
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cornerstones chp 4 - quick review from 2101 . . . getting...

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