In: Accounting
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: