Intro To Accounting 20653 Exam 1 Laurie Wood Tcu

accounting equation – The accounting equation consist of three basic accounting elements (assets=liabilities+owners equity)
Account balance – The difference between the increases and decreases in an account
Accounting equation – The equation showing the relationship among assets liabilities and owners equity
Canceled checks – Checks returned to the depositor that have been paid by the bank are
accrued – تكدس ، تراكم ، متجمع مُسْتحق
going-concern – business continuous indefinitely until concern
fiscal year – a year in the life of a business, may or may not coincide with the calendar year
fixed assets – physical resources that are owned & used by business & are permanent or have a long life
Recall the academic article by Dichev and Skinner (2002) on investigating covenant slack in the context of positive accounting theory’s debt covenant hypothesis. Which of the following statements best describes the findings in this study?
Debit petty cash & credit cash – To establish a petty cash fund, one would
Income Statement limitations – °Does not show the quality of the goods and services being sold (non-financial information)
°Depreciation expenses are based on estimates so are not accurate
Recаll the аcаdemic article by Dichev and Skinner (2002) оn investigating cоvenant slack in the cоntext of positive accounting theory’s debt covenant hypothesis. Which of the following statements best describes the findings in this study?
Return on Equity – (Net Income)/(Beg. Total Shareholders' Equity)

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