Intro To Accounting 20653 Exam 2 Laurie Wood Tcu

Adjusting LIFO inventory to FIFO (BS) – FIFO Inventory = LIFO inventory +LIFO Reserve
Equipment – Tangible non-expendable personal property including exempt property charged directly to the award having a useful life of more than one year and an acquisition cost of $5000 or more per unit. However, consistent with recipient policy, lower limits may be established.
Opening an Account – Writing an account title and number on the heading of an account.
Trial balance order – Assets – liquidity
Liabilities – due date
Equity- common Stock, retained earnings (beginning balance), dividends, [Service Revenue, Wage Expence, Utilities Expense.] largest to smallest
separate by entity – the accounting concept that treat a business as distinct form its owners , creditor, and customer
Time Value of Money – Is the interest that is associated with the use of money over time.
Basic accounting equation – Assets= liabilities+ owners equity
Unit of measurement – Applied when business transactions are stated in numbers that have common values (using a common unit of measurement)
Account – a record of increases and decreases in specific asset, liability or owners equity items
owners equity – the amount remaining after the value of all liabilities is subtracted from the value of all assets
Find the breakeven units for the product XYZ which there will be no different between purchasing or producing it based upon the following information: purchasing price is $5/unit, for the choice of production, the variable cost per unit = $2 and the fixed cost = $50,000. Answer (most nearly number).
Operating Income – Sales-Cost of goods sold- Selling and Administrative
Social security – F.I.C.A refers to
stop payment order – an order by a depositor requesting a bank not to pay on a check previously issued
Memo from bank as they take money from your account – Bank Debit memo
management accounting – управленческий учет
What causes a reduction In the par or started value per share? – Stock split
Find the breаkeven units fоr the prоduct XYZ which there will be nо different between purchаsing or producing it bаsed upon the following information: purchasing price is $5/unit, for the choice of production, the variable cost per unit = $2 and the fixed cost = $50,000. Answer (most nearly number).
Merchandising Business – A business that purchases and sells goods
Temporary Account – track financial results for a limited period of time by having their balances zeroed out at the end of each accounting year
other operating expenses – advertising and marketing costs, repair and maintenance of store facilities

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