Intro To Accounting 20653 Exam 2 Laurie Wood Tcu

Income received but not yet earned is – Deferred income
Which of the following costs always differ among future alternatives?
a. fixed costs
b. historical costs
c. relevant costs
d. variable costs – c. relevant costs
Retained earnings – Amount of net income retained in the corporation
List the 3 types of depreciation – Double declining depreciation
Straight-line depreciation
Sum-of-the-year depreciation
referee – One who supervises a game or match to ensure that the rules are adhered to .
Accrual accounting – recording in each fiscal period applicable expenses, whether paid or not, and income earned, whether collected or not.
If a researcher is hoping to show that the results of an experiment are statistically significant he/she would prefer:
permanent accounts – accounts used to accumulate information from one fiscal period to the next.
work sheet – a columnar accounting from used to summarize the general ledger information needed to prepare financial statements
#2. Which of the following financial statements reflect activity for a period of time? – only the income statement
If а reseаrcher is hоping tо shоw thаt the results of an experiment are statistically significant he/she would prefer:
Paid salaries to employees for work done this year. Does this affect net income – Decreases net Income
The proprietorship of a business may be increased by – Net income and investment of assets in the business by the owner

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