Chapter Five: Communicating and Interpreting Accounting
Corporate Governance: refers to the procedures designed to ensure that the
company is managed in the interest of the shareholders.
Sarbanes-Oxley Act: is a law which strengthens U.S. fina
Financial Accounting Outline: Chapter Seven
Inventory- tangible property held for sale in the normal course of business
or used in producing goods or services.
Merchandise Inventory- includes goods held for resale in the ordinary
course of business.
Financial Accounting Outline: Chapter Six
FOB (free on board) Shipping Point- the title changes hands at shipment
and the buyer normally pays for the shipping. Revenues are normally
recognized at shipment.
FOB Destination- the title changes hands on deliv