Intro To Accounting 20653 Exam 2 Laurie Wood Tcu

Dishonored Check – A check that a bank refuses to pay
Accumulated depreciation – which of the following accounts would be used to assist the accountant in an an adjusting entry involving depreciation
A flexible-budget variance is $800 favorable for unit-related costs. This indicates that costs were:
a. $800 more than the master budget
b. $800 less than for the planned level of activity
c. $800 more than standard for the achieved level of activity
d. $800 less than standard for the achieved level of activity – d. $800 less than standard for the achieved level of activity
Toy Emporium has a fiscal year that begins May 1. The company's third quarter consists of which months?
a. November, December, January
b. August, September, October
c. July, August, September
d. May, June, July – a. November, December, January
inventory – goods a company owns and expects to sell in its normal operations
continuity assumption – Also called "going-concern assumption". The quitting concern, or going out of business assumption.
depreciation – expense for property, plant, and equipment
Types of Inventory Systems – 1. Perpetual: Count Inv. at end of year, compare with balance
2. Periodic: Cost Begg Inv+Cost Net Purch.- Cost of Ending Purch
Negotiable – A financial instrument whose ownership can be transferred to another person or business.
Feather color in a certain species of bird is controlled by a pair of alleles that exhibit incomplete dominance. If birds that are homozygous for one allele are black and birds that are homozygous for the other allele are white, then heterozygous birds would be
Liability – creditors' claims on assets
What are three different types of accounting? pp 5 – 1. Financial Accounting
2. Management Accounting
3. Tax accounting
Source documents – are written documents that provide evidence of a financial transaction.
purchase order – a written order by a buyer for merchandise or other property specified in the purchase requisition
Bank Reconciliation – deposit in transit – subtract out deposit for accurate answer.
Charter – A document issued by a state which permit's a corporation to operate
credit – An amount recorded on the RIGHT SIDE of a T-account
Feаther cоlоr in а certаin species оf bird is controlled by a pair of alleles that exhibit incomplete dominance. If birds that are homozygous for one allele are black and birds that are homozygous for the other allele are white, then heterozygous birds would be
transferred-in costs – costs transferred from a prior process to a
subsequent process.
Accounts payable ledger – A subsidiary ledger containing only accounts for vendors from whom merchandise is purchased on account or other items are bought on account
limit order to sell – an order to sell stocks only if the can be sold at a certain price
income statement – shows the amount the business earned during a period of time

Net income or loss is the total earned from providing goods and services to customers (REVENUES) less what it costs to provide the goods and services to the same customers (EXPENSES)

investing activities – the activities associated with buying and selling items used to operate the business long-term (ex. equipment, buildings, etc.)

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