Intro To Accounting 20653 Exam 2 Laurie Wood Tcu

credit – an agreement to pay for a purchase at a later time; entered on the right side of a T account
Contra account – an account designed to accumulate to accumulate totals to offset a related account.
subsidiary – شركة تابعة ، تابع ، فرعي ، مساعد
butler – a head manservant in charge of the wine cellar, valuables, etc. of a house.
PP&E Turnover – (Sales Revenue/Ave. Fixed Assets)
Notes payable – from borrowing cash
How much the company incurs to support primary business operations is reported – as operating expenses
When the company buys a significant amount of supplies on credit, assets __ – Increase
A scope limitation sufficient to preclude an unqualified opinion always will result when management
current assets – An asset that is expectd to be converted to cash, sold, or consume during the next 12 months, or within the business's normal operating cycle if longer than a year.
Current Assets – Assets that are expected to converted into cash in less than 12 months time.
CONSISTENCY – use of the same accounting principles and methods from year to year within a company. (Depreciation, Accruals, Inventory costs)
Capital – The account used to summarize the owner's equity in a business
A scоpe limitаtiоn sufficient tо preclude аn unquаlified opinion always will result when management
To receive a property tax payment – DR Cash
CR Tax Receivable
Accrued expense – an expense incurred in operating a business during an accounting period, but not yet paid.

This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply