Intro To Accounting 20653 Exam 3 Laurie Wood Tcu

The group of accounts which you credit to increase are – Liabilities and capital
Depreciation – Depreciation is the systematic allocation of the depreciable amount of an asset over its useful life.
direct write off method – bad debt expense and acct rec
Chart of Accounts – a summary of all accounts names and corresponding account numbers used to record financial results in the accounting system
Profit/loss – Who risks profit or loss
income tax payable – current liability, BS, credit
accounting cycle: the series of accounting activities included in recording financial information for a fiscal period – accounting cycle: the series of accounting activities included in recording financial information for a fiscal period
Revenue, Sales represents what? – It represents the top line. This is money that is coming in from customers.
business transaction – is an economic event that causes a change in assets, liabilities, or owner's equity.
Debit (Dr) – The left side of a T-account.
On a Hertzsprung-Russell diagram, where would you find stars that have the largest radii?
Free Cash Flow to Equity(FCFE) – Operating Cash Flow-Capital Expenditure+\-Change in Debt
3rd step of analyzing transactions – determine the direction of the effect. debit or credit
Predetermined overhead rate – a rate used to charge manufacturing overhead cost to jobs that is established in advance for each period. it is computed by dividing the estimated total manufacturing overhead cost for the period by the estimated total amount of the allocation base fo the period.
Preferred Stock – 1. Owners Equity
2. Balance Sheet
3. Credit
4. Permanent
On а Hertzsprung-Russell diаgrаm, where wоuld yоu find stars that have the largest radii?
accounting system – A planned process for providing financial information that will be useful to management
Journal – "book of original entry." General Journal chronologically lists transactions and other events, expressed in terms of debits and credits to accounts. Each general journal entry consists of four parts: 1. the accounts and amounts to be debited, 2. the accounts and amounts to be credited, 3. a date, and 4. an explanation. There are also special journals (cash receipts, sales, purchases, cash payments.)
16. Aaron's Skiwear uses a calendar year. The company's third quarter consists of which months?
1. December, January, February
2. January, February, March
3. July, August, September
4. June, July, August – 3. July, August, September

This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply