Contra Revenue Account An account that is offset against a revenue account on the income statement
Cost of Goods Sold The total cost of merchandise sold during the period
FOB destination Freight terms indication that the seller places the gods free on boa
Population (Ch. 1) Any specific collection of objects of interest from which a sample is taken.
Sample (Ch. 1) Any subset or sub collection of the population, which may include the entire population.
Census (Ch. 1) A sample that consists of an entire popu
Auditing (Ch 1) The examination of financial statements by a CPA in order to express an opinion as to the
fairness of presentation
Forensic Accounting (Ch 1) An area of accounting that uses accounting, auditing, and investigative skills
to conduct investi
This is an exercise that may generate considerable discussion in class, as some of the
answers will be absolutely true and others partially true, depending on individual
judgments and interpretations. Keeping this in mind, you may wish to provide some