Intro To Accounting 20653 Exam 1 Laurie Wood Tcu

Independently prepared & summarized on voucher form – Purchase Order, Receiving Report, Supplier's Invoice
Continuous existence – the ownership of the business can be transferred to another person.
Summarizing – bringing accounting data together in a way that will further enhance its usefulness, usually by means of reports and statements.
Assets – Things owned y the business to be used in the business (even if you still owe somebody for them)
capital account – Kapitalkonto
Working Capital as Percentage of Sales – (Current Assets – Current Liabilities)/Sales
*Whether business has sufficient assets to operate daily
Depreciation – For a long term asset, charging an amount to expense at a constant rate over asset's life
*business transaction* – An economic event or condition that directly changes an entity's financial condition or directly affects its results of operations.
general ledger – The collection of all accounts.
Which of the following statements that would appear in a business message best reflects the “you” attitude?
special amount column – A journal amount column headed with an account title.
uncollectible accounts expense – bad debts expense
FULL DISCLOSURE PRINCiPLE – All important aspects of bond indentures are presented in financial statements.
Which оf the fоllоwing stаtements thаt would аppear in a business message best reflects the “you” attitude?
the difference between net sales and cost of goods sold – gross margin
(cash flows) increase in current assets other then cash – operating activities (subtract)
list price – The retail price listed in a catalog or on an Internet site.

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