Intro To Accounting 20653 Exam 2 Laurie Wood Tcu

Accounts payable – The amount of money owed to the creditors of a business.
Closing entries are – D. journalized in the general journal.
Certified public accountant (CPA) – An individual who has met certain criteria and is thus allowed to perform audits of corporations
operating profit & loss – üzemi tevékenység eredménye
When are Revenues and Expenses reported on the balance sheet? – When the cash exchange occurs or is expected to occur.
Credit Card Sale – A sale in which a credit card is used for the total amount of the sale at the time of the transaction.
amounts due within a year or less are reported as current maturities of long term debt – …
relevance – the quality of information that indicates the information makes a difference in a decision
Owners Equity – Amounts by which the business assets exceed the business liabilities. Also known as net worth or capital.
Period reporting – The life of the business is divided into time periods to measure and compare financial performance (from the income statement,) cash flows and financial position (from the statement of financial position)
Have observers dress in attractive, fashionable clothes so that young clients will see that they are β€œrad.”
True or false. Job rotation and mandatory vacations provide additional control since somebody else will be doing the job in the absense and will likely discover any irregularities – TRUE
Social Security Tax – A federal tax paid for old-age survivors and disability insurance
P/E Ratio – stock price/ Earnings per Share
A 60-day note receivable dated April 13 has a maturity date of
A. June 13.
B. June 12.
C. June 11.
D. June 10. – B
reliability – should contain information that is free from bias
Straight-Line Method (SL method) – method in which cost is allocated equally over the periods of an asset's estimated useful life
Hаve оbservers dress in аttrаctive, fashiоnable clоthes so that young clients will see that they are β€œrad.”
Restrictive Endorsement – restricts transfer of a check

This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply