Question

1) Probable future economic benefts obtained or controlled by an entity as a result of past transactions or events are called:

2) Cost of merchandise sold during the period; an expense deducted from net sales to arrive at gross profit is called:

3) An expansion of the return on investment calculation to margin times turnover is called:

4) A concept that describes the range of possible outcomes from an action is called:

5) The process of recognizing revenue that has been earned but not collected or an expense that has been incurred but not paid is called:

6) Evidence of a transaction that supports the journal entry recording the transaction is called:

7) The inventory cost flow assumption that the last costs in to inventory are the first costs out to cost of goods sold is called:

8) An adjustment that results in an asset being reported at a net realizable value that is less than cost is called:

9) Accounting that is concerned with the internal use of economic and financial information to plan and control many of the activities of an entity and to support the management decision-making process is called:

10) Procedures that are used to keep track of financial transactions and accumulate the results of an entity’s financial activities are called:

Answer 1

1. Probable future economic benefts obtained or controlled by an entity as a result of past transactions or events are called Assets
2. Cost of merchandise sold during the period; an expense deducted from net sales to arrive at gross profit is called Cost of Goods Sold
3. An expansion of the return on investment calculation to margin times turnover is called Dupont Analysis
4. A concept that describes the range of possible outcomes from an action is called Probability
5. The process of recognizing revenue that has been earned but not collected or an expense that has been incurred but not paid is called Accrued Revenue
6. Evidence of a transaction that supports the journal entry recording the transaction is called Voucher/Document
7. The inventory cost flow assumption that the last costs in to inventory are the first costs out to cost of goods sold is called Last in - First out (LIFO)
8. An adjustment that results in an asset being reported at a net realizable value that is less than cost is called Lower of cost and Net Realizable Value
9. Accounting that is concerned with the internal use of economic and financial information to plan and control many of the activities of an entity and to support the management decision-making process is called Managerial Accounting.
10. Procedures that are used to keep track of financial transactions and accumulate the results of an entity’s financial activities are called Financial Accounting and Report