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PSC > ACG midterm 1 > Flashcards

ACG midterm 1 Flashcards

0
Q

A pension plan that promises employees a fixed annual pension benefit at retirement, based on years of service and compensation levels.

A

Defined Benefit Plan

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1
Q

Liabilities that may arise from past transactions if certain events occur in the future.

A

Contingent Liabilities

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2
Q

A pension plan that requires a fixed amount of money to be invested on the employee’s behalf during the employee’s working years

A

Defined Contribution Plan

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3
Q

The interest deducted from the maturity value of a note or the excess of the face amount of bonds over the issue price.

A

Discount

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4
Q

The rate used in computing the interest to be deducted from the maturity value of a note.

A

Discount Rate

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5
Q

A detailed record of each employee’s earnings

A

Employees earning record

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6
Q

Federal Insurance Contributions Act tax used to finance federal programs for old-age and disability benefits (social security) and health insurance for the aged (Medicare).

A

FICA tax

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7
Q

Benefits provided to employees in addition to wages and salaries

A

Fringe Benefits

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8
Q

The total earnings of an employee for a payroll period.

A

Gross pay

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9
Q

Gross pay less payroll deducations; the amount the employer is obligated to pay the employee

A

Net Pay

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10
Q

The total amount paid to employees for a certain period.

A

Payroll

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11
Q

A multicolumn report used to assemble and summarize payroll data at the end of each payroll period.

A

Payroll Register

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12
Q

A cash payment to retire employees

A

Pension

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13
Q

The net amount available from discounting a note payable.

A

Proceeds

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14
Q

Cash and other current assets that can be quickly converted to cash, such as marketable securities and receivables.

A

Quick Assets

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15
Q

A financial ratio that measures the ability to pay current liabiliteis with quick assets (Cash, marketable securities, account receivables).

A

Quick Ratio

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16
Q

A cash distribution of earnings by a corporation to its shareholders

A

Cash Dividends

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17
Q

The stock outstanding when a corporation has issued only one class of stock.

A

Common Stock

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18
Q

Stock that has a right to receive regular dividends that were not declared (paid) in prior years

A

Cumulative Preferred Stock

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19
Q

Net income per share of common stock outstanding during a period.

A

Earnings Per Common Share (EPS)

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20
Q

Cumulative preferred stock dividends that have not been paid in prior years are said to be in arrears

A

In arrears

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21
Q

The stock in the hands of stockholders

A

Outstanding stock

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22
Q

The monetary amount printed on a stock certificate

A

Par

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23
Q

A class of stock with preferntial rights over common stock.

A

Preferred Stock

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24
Q

The excess of the issue price of a stock over its par value or the excess of the issue price of bonds over their face amount.

A

Premium

25
Q

Corrections of material errors related to a prior period or periods, excluded from the determination of net income

A

Prior Period Adjustment

26
Q

Amounts of retained earnings that have been limited for use as dividends.

A

Restrictions

27
Q

A summary of the changes in the stockholders’ equity in a corporation that have occurred during a specific period of time.

A

Statement of Stockholder’s Equity

28
Q

Shares of ownership of a corporation

A

Stock

29
Q

A distribution of shares of stock to its stockholders.

A

Stock Dividends

30
Q

A reduction in the par or stated value of a common stock and the issuance of a proportionate number of additional shares

A

Stock Split

31
Q

The owners of a corporation

A

Stockholders

32
Q

Stock that a corporation has once issed and then reacquires

A

Treasury Stock

33
Q

The number of shares that the company has actually sold for cash or issued in exchange for an asset other than cash.

A

Shares Issued

34
Q

Shares a corporations charter states that can be issued

A

Shares authorized

35
Q

The date the board of directors formally authrizes the payment of the dividend.

A

Date of Declaration

36
Q

The date the corporation uses to determine which stockholders will receive the dividend

A

Date of Record

37
Q

The date the corporation will pay the dividend to the stockholders who owned the stock on the date of record.

A

Date of Payment

38
Q

A depreciation method that provides for a higher depreciation amount in the first year of the assets use, followed by a gradually declining amount of depreciation.

A

Accelerated Depreciation Method

39
Q

The periodic transfer of the cost of an intangible asset to expense.

A

Amortization

40
Q

The cost of a fixed asset minus accumulated depreciation on the asset.

A

Book Value

41
Q

The amount a buyer owes a seller when a fixed asset is traded in on a similar asset

A

Boot

42
Q

The costs of acquiring fixed assets, adding to a fixed asset, improving a fixed asset, or extending a fixed asset’s useful life.

A

Capital Expenditures

43
Q

Leases that include one or more provisions that result in treating the leased assets as purchased assets in the account

A

Capital Leases

44
Q

An exclusive right to publish and sell a literary, artistic, or musical corporation

A

Copyright

45
Q

The process of transferring the cost of natural resources to an expense account.

A

Depletion

46
Q

The systematic periodic transfer of the cost of a fixed asset to an expense account during its expected useful life.

A

Depreciation

47
Q

A method of depreciation that provides periodic depreciation expense based on the declining book value of a fixed asset over its estimated life.

A

Double Declining Balance Method

48
Q

The number of dollars of sales that are generated from each dollar of average fixed assets during the year, computed by dividing the net sales by the average net fixed assets.

A

Fixed Asset Turnover Ratio

49
Q

Long-term assets that are useful in the operations of a business, are not held for sale, and are without physical qualities.

A

Fixed assets

50
Q

An intangible asset that is created from such favorable factors as location, product quality, reputation, and managerial skills.

A

Goodwill

51
Q

Long-term assets that are useful in the operations of a business, are not held for sale, and are without physical qualities.

A

Intangible Assets

52
Q

Leases that do not meet the criteria for capital leases and thus are accounted for as operating expenses.

A

Operating Leases

53
Q

Exclusive rights to produce and sell goods with one or more unique features.

A

Patents

54
Q

The estimated value of a fixed asset at the end of its useful life.

A

Residual value

55
Q

Costs that benefit only the current period or costs incurred for normal maintenance and repairs of fixed asset.

A

Revenue Expenditures.

56
Q

A mothod of depreciation that provides for equal periodic depreciation expense over the estimated life of a fixed asset.

A

Straight-line Method

57
Q

The amount a seller allows a buyer for a fixed asset that is traded in for a similar asset.

A

Trade-in Allowance.

58
Q

A name, term, or symbold used to identify a business and its products.

A

Trademarks

59
Q

A method of depreciation that provides for depreciation expense based on the expected productive capacity of a fixed asset.

A

Units-of-Production Method

PSC (3 decks)

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