Write the definition of each term. Cost of Goods Sold The cost of the product that...

Write the definition of each term.

Cost of Goods Sold	The cost of the product that are sold in the operation of the business
Adjusted trial balance
Balance sheet
Cost principle
Current assets
Current liabilities
Current ratio
Double-entry accounting
Gains (on the income statement)
Income Statement
Liquidity
Long-term liabilities
Losses (on the income statement)
Matching principle
Net working capital
Non-operating expenses
Noncurrent receivables
Operating Income (or Income from Operation)
Post-closing trial balance
Property & Equipment
Retained Earnings
Statement of retained earnings
Time period assumption
Unadjusted trial balance

Expert Solution

The definition of each term is given as follows:

Cost of Goods Sold	The direct cost involved in producing the product that is sold in the operation of the business
Adjusted trial balance	The adjusted trial balance of a company refers to a list of all the accounts and their respective balances present in the ledger after adjusting entries for a given accounting year have been made in the respective accounts
Balance sheet	Balance Sheet is a financial statement that reports total assets, equity and debt at a given point in time
Cost principle	The cost principle is an accounting principle that requires the assets to be recorded at the amount paid the time that an asset is acquired.
Current assets	Current assets refer to all the assets that are expected to be realised within a year from the date of the balance sheet.
Current liabilities	Current liabilities refer to all the liabilities that are expected to be paid within a year from the date of the balance sheet.
Current ratio	Current ratio refers to the ratio of the current assets of a company o its current liabilities
Double-entry accounting	Double-entry accounting is a system of accounting wherein every entry to an account requires an opposite & corresponding entry to a different account.
Gains (on the income statement)	Gains refer to the excess of revenues overt the expenses of a company.
Income Statement	An Income statement refers to a financial statement that shows the revenues and expenses of a company during a particular period.
Liquidity	Liquidity refers to the ability to be realised in cash. The more an asset is likely to be converted in cash, the higher is its liquidity.
Long-term liabilities	Long-term liability refers to the financial obligations of a company to pay an amount that is overdue for more than one year.
Losses (on the income statement)	Losses refer to the excess of expenses overt he revenues of a company.
Matching principle	The matching principle is an accounting principle that requires a business to report an expense against the income used to generate it.
Net working capital	Net Working capital refers to the difference between the current assets and current liabilities of a company.
Non-operating expenses	Operating expenses refer to the expenditure incurred in activities that are not directly related to the production of goods or services, such as selling, general and administrative expenses.
Noncurrent receivables	A receivable account that is expected to be realised after more than a year from the date of the balance sheet.
Operating Income (or Income from Operation)	Operating Income refers to the amount of profit made by a business's operations, after deducting all operating expenses, i.e. Cost Of Goods Sold, selling, general and administrative expenses. .
Post-closing trial balance	The Post-closing trial balance refers to a list of all the accounts and their respective balances present in the ledger after adjusting entries for a given accounting year have been posted in the respective accounts
Property & Equipment	Property & Equipment refers to the non-current tangible assets expected to make long-term profits by being employed in the company.
Retained Earnings	Retained earnings refer to the amount of Profit after tax left with the company after paying dividend to its shareholders
Statement of retained earnings	Statement of retained earnings is a statement that reflects changes in retained earnings for a given period by reconciling the beginning and ending balance of retained earnings.
Time period assumption	Time period assumption assumes that life of a business can be segregated into equal time periods, known as accounting periods. Companies prepare their financial statements separately for each accounting period.
Unadjusted trial balance	The unadjusted trial balance of a company refers to a list of all the accounts and their respective balances present in the ledger before adjusting entries for a given accounting year have been made in the respective accounts

ekkarill92 answered 2 years ago

Cost of goods sold:

ABC Corporation reported the following data for the month of January: Inventories: Beginning Ending Raw materials 46,000 34,000 Work in process 31,000 29,000 Finished goods 27,000 55,000 Additional information: Raw materials purchases 79,000 Direct labor cost 93,000 Manufacturing overhead cost incurred 54,000 Indirect materials included in manufacturing overhead cost incurred 8,000 Manufacturing overhead cost applied to Work in Process 57,000 Calculate cost of goods sold during the month of January?

In the Schedule of Cost of Goods Manufactured and Cost of Goods Sold, the cost of...

In the Schedule of Cost of Goods Manufactured and Cost of Goods Sold, the cost of goods manufactured is computed according to which of the following equations? Multiple Choice Cost of goods manufactured = Total manufacturing costs + Beginning finished goods inventory – Ending finished goods inventory Cost of goods manufactured = Total manufacturing costs + Beginning work in process inventory – Ending work in process inventory Cost of goods manufactured = Total manufacturing costs + Ending work in process...

Cost of Goods Sold and Ending Inventory for each of the following methods:

Calculate the following:Cost of Goods Sold and Ending Inventory for each of the following methods:a. FIFOb. LIFOc. Weighted Average Units Unit Cost7/1 Beginning Inventory 100 107/5 Purchases 500 157/15 Sales 400 7/20 Purchases 200 20

1. To adjust a company’s LIFO cost of goods sold to FIFO cost of goods sold...

1. To adjust a company’s LIFO cost of goods sold to FIFO cost of goods sold the ending LIFO reserve is added to LIFO cost of goods sold. the ending LIFO reserve is subtracted from LIFO cost of goods sold. an increase in the LIFO reserve is subtracted from LIFO cost of goods sold. a decrease in the LIFO reserve is subtracted from LIFO cost of goods sold. 2. All of the following statements are true regarding the LIFO reserve...

Cost of Goods Sold is calculated on the:

Question 11 2.5 pts Cost of Goods Sold is calculated on the: Income Statement. Statement of Owner's Equity. Post-Closing Trial Balance. Trial Balance. Question 12 2.5 pts The current balance of Allowance for Doubtful Accounts is considered when calculating the current period's Bad Debts Expense under the following approach: Direct write-off method Income statement approach All of these answers are correct. Balance sheet approach Question 13 2.5 pts Joe's Auto Repair estimates that approximately 3% of net credit...

Calculation of Cost of Goods Sold: Periodic Inventory System Prepare the cost of goods sold section...

Calculation of Cost of Goods Sold: Periodic Inventory System Prepare the cost of goods sold section for Adams Gift Shop. The following amounts are known: Beginning merchandise inventory $27,050 Ending merchandise inventory 22,550 Purchases 77,125 Purchases returns and allowances 4,055 Purchases discounts 5,745 Freight-in 230 Adams Gift Shop Cost of Goods Sold Cost of goods sold: $ $ $ $ $ Cost of goods sold $

Match each term with its definition.

Match each term with its definition.a sequence of DNA located upstream of a gene that signals the start of transcriptiona regulatory protein that blocks transcription by binding to the operator sitean element that disrupts the signal between enhancers and promotersa gene that controls the expression of one or more genes by promoting or inhibiting transcriptiona molecule that activates mRNA synthesis by disabling the protein that prevents transcription a short sequence of DNA located near the promoter region that is recognized...

Preparation of a Schedule of Cost of Goods Manufactured and Cost of Goods Sold The following...

Preparation of a Schedule of Cost of Goods Manufactured and Cost of Goods Sold The following cost and inventory data for the year just completed are taken from the accounting records of Eccles Company: Costs incurred: Advertising expense ...........................$100,000 Direct labour cost ..................................$80,000 Purchases of raw materials ................$137,000 Rent, factory building ............................$80,000 Indirect labour .......................................$56,300 Sales commissions................................$35,000 Utilities, factory ........................................$9,000 Maintenance, factory equipment ...........$24,000 Supplies, factory ........................................ $700 Depreciation, office equipment.................$8,000 Depreciation, factory equipment ............$40,000 Beginning End of...

Prepare a Schedule of Cost of Goods Manufactured and a Schedule of Cost of Goods Sold...

Prepare a Schedule of Cost of Goods Manufactured and a Schedule of Cost of Goods Sold and Income Statement; this ie the jouranl entries Pre-determined manufacturing overhead rate = Total estimated manufacturing overheads / Estimated direct labor hours = = $3600/12 hours = $300 per direct labor hour Step 2: Cost Sheet Job # 1 Direct materials $ Table top 2000 Legs ($650 x 4) 2600 Drawer 0 4600 Direct labor cost @ $20 per hour (3x2x$30) 180 Manufacturing overheads...

Explain, how cost of goods sold for a wholesale company can be verified by each of...

Explain, how cost of goods sold for a wholesale company can be verified by each of the following tests: analytical procedures, tests of controls and substantive tests of transactions, analysis of account balances, and tests of details of balance sheet accounts.

Question