Identify the term, principle or formula which corresponds to each of the following: a. Unpaid...
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Accounting
Identify the term, principle or formula which corresponds to each of the following:
a. Unpaid dividends to preferred stockholders accumulate and must be paid before common stockholders receive dividends.
b. Creditors right to receive liquidated assets before stockholders.
c. Contra-asset account related to Accounts Receivable.
d. Cash flow activity types.
e. Beginning inventory + Purchases - Ending inventory
f. Journal entries prepared to transfer net income/loss and dividends to Retained Earnings.
g. Basis of accounting required by GAAP.
h. The time at which a loan must be repaid.
i. Refunds and price reductions given to customers after goods have been sold and found unsatisfactory.
j. Allocation of the cost of a fixed asset over its useful life.
k. Process by which journal entries are recorded in the appropriate T-account or ledger.
l. Policy or procedure established to safeguard assets and enhance accuracy of accounting records.
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