New User Special Price Expires in

Let's log you in.

Sign in with Facebook


Don't have a StudySoup account? Create one here!


Create a StudySoup account

Be part of our community, it's free to join!

Sign up with Facebook


Create your account
By creating an account you agree to StudySoup's terms and conditions and privacy policy

Already have a StudySoup account? Login here


by: Miss Alexandrine Ortiz


Miss Alexandrine Ortiz
Texas State
GPA 3.62

D. Shook

Almost Ready


These notes were just uploaded, and will be ready to view shortly.

Purchase these notes here, or revisit this page.

Either way, we'll remind you when they're ready :)

Preview These Notes for FREE

Get a free preview of these Notes, just enter your email below.

Unlock Preview
Unlock Preview

Preview these materials now for free

Why put in your email? Get access to more of this material and other relevant free materials for your school

View Preview

About this Document

D. Shook
Class Notes
25 ?




Popular in Course

Popular in Accounting

This 10 page Class Notes was uploaded by Miss Alexandrine Ortiz on Wednesday September 23, 2015. The Class Notes belongs to ACC 2301 at Texas State University taught by D. Shook in Fall. Since its upload, it has received 18 views. For similar materials see /class/212873/acc-2301-texas-state-university in Accounting at Texas State University.

Similar to ACC 2301 at Texas State


Reviews for ACC IN ORG & SOCTY


Report this Material


What is Karma?


Karma is the currency of StudySoup.

You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!

Date Created: 09/23/15
ACC 2301 TERMSFORMULAS resources earn revenues revenue are Intangible assets on a resources re a an LIabIlItIes 390 y a or a A type of business that changes basic inputs into products that are sold to individual customers busInesses resources expenses as or are become over time or the normal of the business often called deferred excess or used to the or services Prepaid expenses P rofit Chapter 2 Capital stock the portion of a corporation s stockholders equity contributed by investors owners in exchange for shares of stock Liquidity The ability to convert an asset to cash as are revenue Contra asset account used to record depreciation on a xed asset process process financial statements a are ofthe business within 1 or less or expenses are as expenses over of the business revenues are as revenues over of the business Fixed assets Long lived or relatively permanent tangible assets that are used in the normal business operations Intangible assets Long lived assets that are useful in the operations of a business are not held for sale and are without physical qualities Unearned revenues Items that are initially recorded as liabilities but are expected to become revenues over time or through the normal operations of the business destination on expenses The cost that is reported as an expense when merchandise or a manufactured product is sold Freight terms in which the seller pays the transportation costs from the shipping point to the final destination Freight terms in which the buyer pays the transportation costs from the shipping point to the nal destination Merchandise on hand not sold at the end ofan accounting period From the buyer s perspective returned merchandise or an adjustment for defective merchandise 5mm iii 2 We returned merchandise or an adjustment for damaged or defective merchandise The control environment risk assessment control activities information and communication and monitoring ensure ensure An act passed by Congress to restore public confidence and trust in the nancial statements of companies The contra asset account for accounts receivable an expense The cost of finished products on hand that have not been sold revenue A method of inventory where the most recent merchandise inventory costs should be charged against revenue or Merchandise on hand not sold at the end of an accounting period For a receivable the amount of cash expected to be realized in the future For inventory the estimated selling price of an item of inventory less any direct costs ofdisposal such as sales commissions Work i n process The direct materials costs the direct labor costs and the factory overhead costs that have entered into the manufacturing process but are associated with products that have not been finished WIP inventory year expense over on ofthe face amount of the bond The excess of the face amount of bonds over their issue price measure shares over common The excess of the issue price of bonds over their face amount Common The analysis of a company s ability to collect its accounts receivable The analysis of a company s ability to pay its current liabilities pe common per which indicates the rate of return to stockholders in term of cash dividend distributions the An annual report disclosure that provides management s analysis of the results of operations and nancial Discussion and condition measures as a m Profitability The ratio of the market price per share of common stock at a speci c date to the annual earnings per share The ability ofa firm to earn income Quick assets Cash and other current assets that can be quickly converted to cash such as marketable securities and receivables A financial ratio that measures the ability to pay current liabilities with quick assets cash marketable securities accounts receivable Rate earned on common stockholders equity A measure of pro tability computed by dividing net income less preferred dividends by average common stockholders equity Rate earned on stockholders equity A measure of pro tability computed by dividing net income by average total stockholders equity Rate earned on total assets A measure of the profitability of assets without regard to the equity of creditors and stockholders in the assets Ratio of fixed assets to long term liabilities A leverage ratio that measures the margin of safety of long term creditors calculated as the net fixed assets divided by the long term liabilities Ratio of liabilities to stockholders equity A comprehensive leverage ratio that measures the relationship of the claims of creditors to stockholders equity Ratio of net sales to assets Ratio that measures how effectively a company uses its assets computed as net sales divided by average total assets Solvency The ability ofa firm to pay its debts as they come due Vertical anal sis An analysis that compares each item in a current statement with a total amount within the same statement The excess of the current assets of a business over its current liabilities measure overhead rate to overhead costs to cost revenues System used to accumulate mfg costs for decision making and financial reporting purposes a asa The cost of finished products on hand that have not been sold excess overhead revenue excess overhead but are associated with that have not been finished same uses fixed of a cost The dollars available from each unit of sales to cover xed costs and provide income from operations Variable costing Often referred to as direct costing it is a method of reporting variable and fixed costs that includes only the variable manufacturing costs in the cost of the product Variable costs I Costs that vary in total dollar amount as the level of activity changes I revenue COUI39SG product plus the and administrative expenses are in the cost amount to which the markup is added The standard variable overhead for the actual units produced expenditures The budget summarizing future plans for acquiring plant facilities and equipment A method of budgeting that provides for maintaining a 12month projection A budget that uses the production budget as a starting point A budget that estimates the cost for each item of factory overhead needed to support budgeted production Actual cost ltthan standard cost can and no materials and cash a Accounting systems that use standards for each manufacturing cost entering into the finished product Actual cost gt standard cost


Buy Material

Are you sure you want to buy this material for

25 Karma

Buy Material

BOOM! Enjoy Your Free Notes!

We've added these Notes to your profile, click here to view them now.


You're already Subscribed!

Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'

Why people love StudySoup

Bentley McCaw University of Florida

"I was shooting for a perfect 4.0 GPA this semester. Having StudySoup as a study aid was critical to helping me achieve my goal...and I nailed it!"

Janice Dongeun University of Washington

"I used the money I made selling my notes & study guides to pay for spring break in Olympia, Washington...which was Sweet!"

Jim McGreen Ohio University

"Knowing I can count on the Elite Notetaker in my class allows me to focus on what the professor is saying instead of just scribbling notes the whole time and falling behind."

Parker Thompson 500 Startups

"It's a great way for students to improve their educational experience and it seemed like a product that everybody wants, so all the people participating are winning."

Become an Elite Notetaker and start selling your notes online!

Refund Policy


All subscriptions to StudySoup are paid in full at the time of subscribing. To change your credit card information or to cancel your subscription, go to "Edit Settings". All credit card information will be available there. If you should decide to cancel your subscription, it will continue to be valid until the next payment period, as all payments for the current period were made in advance. For special circumstances, please email


StudySoup has more than 1 million course-specific study resources to help students study smarter. If you’re having trouble finding what you’re looking for, our customer support team can help you find what you need! Feel free to contact them here:

Recurring Subscriptions: If you have canceled your recurring subscription on the day of renewal and have not downloaded any documents, you may request a refund by submitting an email to

Satisfaction Guarantee: If you’re not satisfied with your subscription, you can contact us for further help. Contact must be made within 3 business days of your subscription purchase and your refund request will be subject for review.

Please Note: Refunds can never be provided more than 30 days after the initial purchase date regardless of your activity on the site.