Inventory turnover ratio
Reflects how many times average inventory wass produced and sold during the period
Protects investors and maintain integrity of the securities market
Oversees the FA
An analytical method required when variations in a dependent variable are caused by more
than one factor.
The cost of a resource that is obtained in large chunks and that increases and
A costing method that includes all manufacturing costs - direct materials, direct labor, and
both variable and fixed manufacturing overhead - in the cost of a product.
A measure of activity
Accounting and other reports that help managers monitor performance and focus on
problems and/or opportunities that might otherwise go unnoticed.
The phase of accounting concerned with providing
The process of instituting procedures and then obtaining feedback to ensure that all parts of
the organization are functioning effectively and moving toward overall company goals
Member of the top managemen
A measure of whatever causes the incurrence of a variable cost (cost driver). For example,
the total cost of X-ray film in a hospital will increase as the number of X-rays taken increases.
Therefore, the number of
What are the important accounting issues?
What is the Allowance method and what the the two methods that go along with it
Makes estimates regarding collectabuility of receivables
1. % of credi
What are the qualitative characteristics
What are the accounting assumptions
unit of measure, separate entity, continuity (going concern)
What are the pr
What is a contra asset account
A reduction of the fixed asset account.
The process followed by entities to analyze and record transactions, adjust the records at the
end of the period, prepare financial
Four Basic Financial Statements
Statement of retained earnings
Statement of cashflows
Assets = Liabilities + stockholders equity
Statement of financial positioning
Assets - order of