KIN356ProblemSet2 - Griffin Warner 2/1/10 Problem Set #2...

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Griffin Warner 2/1/10 Problem Set #2 Cost of Goods Sold- the direct costs attributable to the production of the goods sold by a company EX: The money it costs to make running shoes for Nike. Current Assets- an asset on the balance sheet, which is expected to be sold or otherwise used up in the near future. EX: Cash in a company bank account available for withdrawal. Retained Earnings- net income retained by the corporation rather than distributed to its owners as dividends. EX: Increases worth/equity of stocks in the company when dividends aren't utilized. Income Statement- tracks a company's revenues, gross profits, operating income or loss for the period of time being reported EX: A ledger Accrual Accounting- the adding together of interest or different investments over a period of time EX: A stock portfolio's net worth. Cost Accounting- establishes budget and actual cost of operations, processes, departments or product and the analysis of variances, profitability or social use of funds. EX: It describes what surrounds an investment returning a higher value, like the
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This note was uploaded on 06/15/2011 for the course KIN 356 taught by Professor Warner during the Fall '09 term at University of Texas at Austin.

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KIN356ProblemSet2 - Griffin Warner 2/1/10 Problem Set #2...

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