1. The Terms at which countries will trade one good for another will occur between
their respective domestic opportunity costs. T
2. An economy will never be able to produce goods and services outside of its
existing production possibilities curve. F
1.Throughout the post-World War II era, the worlds economies have become
increasingly interdependent in terms of the movement of goods and
services, business enterprise, capital, and technology.
2. The United States has seen growing int
There were the Hunter Gathers, Sedentary Agrarians, and Urban Hierarchal.
Which included the Plains culture, the Iroquois, and the Aztecs. All three were
impacted by the arrival of the Europeans.
The Plains Culture were nomadic and followed the buffalo. T
Houston is a city filled with museums that hold precious works of art . The
Menil Collection is one of the more interesting museums we have in Houston . It has
many different works and is free. I have visited the Menil Collection
What you didnt know about the Death Penalty
The United States is a highly developed country excluding dealing with harsh
punishments such as putting to death. Capital Punishment shouldnt exist in the U.S.
Here are several issues to be considered: racial b
The credit period is the time the seller allows the buyer before Full payment has to be
A cash discount is an amount that a customer can deduct if a bill is paid within a specified
The purchase discounts account, like purchases returns and all
Unearned revenue is a liability account TRUE
Every adjusting entries will involve an income statement and a balance sheet
What we need to know.
1. Perpetual inventory system
2. How to compute costs of goods sold using the periodic system.
3. Adjusting ent
Merchandise inventory consists of a stock of goods that a company buys and intends to
resell at a profit. Current Asset
The Periodic inventory system requires that companies take a physical inventory of
merchandise on hand and then attach a value to it.
Everyone has a Social Security Numer.
Employers of one or more persons are required to haven an Employer Identification
number, and it must be listed on all reports and payments of employees federal income
tax withholding and FI
Generally accepted accounting principles are the rules by which we play in the
accounting world. Relevant information, reliable information, and comparable
Chapter 1 Asset, Liability, Owners Equity, Revenue and Expense Accounts
Internal Control is the system of policies and procedures that is designed to:
1. Protect assets against fraud and waste (safeguard)
2. Provide for accurate accounting data.
Managing Cash Receipts
Maintain separation between cash handling and cash record
Fiscal period is any period of time covering a complete accounting cycle.
Oct. 1 is the governments starting day and sep. 30 of the next year.
The worksheet is a tool used by accountants to record necessary adjustments and provide
up-to-date account balan
STEP 1. Decide which accounts are involved.
STEP 2. Classify the accounts involved (asset, liability, owner's equity, revenue,
STEP 3. Decide if the accounts involved are increased or decreased.
STEP 4. Write the transactions as a debit to one a
Assets, liabilities, income, capital and expenses
Assets left DR +Liabilities right CR -+
Owners equity right CR -+
Revenue right CR -+
Expenses left DR +Debit Left Credit Right
Increase on which side^
The two always have to be equal.
Supplies is Assets
Study Guide Chapters 9-11
1. Developmental psychology- the study on how people change physically, mentally,
and socially throughout the lifespan.
2. The prenatal stage has three phases; the germinal period, the embryonic period,
1. Psychology is the scientific study of behavior and mental process. Over time the
definition, the proper subject matter, which areas of human experience should be
studied, which methods should be used to investigate psychological find