Intro To Accounting 20653 Exam 2 Laurie Wood Tcu

debit – Decrease accounts payable
Contra – Sales Returns and Allowance is a ______ account
other expenses – expenses incurred that are not the direct result of regular trading activities of a business
Depreciation expense would be classified as a/an: – Asset
nonoperating section – a report of revenues and expenses resulting from secondary or auxiliary activities of the company
Common cost – A cost that is incurred to support a number of cost objects but that cannot be traced to them individually. For example, the wage cost of the pilot of a 747 airline is a common cost of all the passengers on the aircraft. Without the pilot, there would be no flight and no passengers. But not part of the pilot's wage is caused by any one passenger taking the flight(p44)
The mass extinction at the end of the Cretaceous period about 65 mya is believed to have been caused by a massive comet or asteroid smashing into what is now known as the Yucatan peninsula in the Gulf of Mexico. The debris arising from this impact would have blocked the Sun’s rays from reaching the Earth. How would this cause a mass extinction?
Net Income – the excess of revenues over outlays in a given period of time (including depreciation and other non-cash expenses)
ingresos netos por servicios – revenues from services or net
The mаss extinctiоn аt the end оf the Cretаceоus period about 65 mya is believed to have been caused by a massive comet or asteroid smashing into what is now known as the Yucatan peninsula in the Gulf of Mexico. The debris arising from this impact would have blocked the Sun’s rays from reaching the Earth. How would this cause a mass extinction?
MATCHING(EXPENSE) PRINCIPLE – Prescribes expenses to be reported in the same period as the revenues that were earned as a result of the expenses.

This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply