Intro To Accounting 20653 Exam 3 Laurie Wood Tcu

annuity – a series of payments or receipts that occur at equal intervals of time
The usual sequence of steps in the transaction recording process is: – B. Analyze, Journal, Ledger
accounting information and its internal users – -management needs to know the profitability of each division
-HR needs to know the effect of a four percent raise for all employees
-the finance department needs to know if there is enough cash to pay its expenses
39. The equation best describing the income statement is:
A. Revenues – Expenses = Net Income.
B. Assets = Revenues – Expenses.
C. Assets = Liabilities + Stockholders' Equity.
D. Revenues + Expenses = Net Income. – A. Revenues – Expenses = Net Income.
Definition of Cash Budget Variance Reports, Income Statement Variance Report & Variance Report – …
adjusting entries – journal entries bring accounts up to date
utilities expense – operating expense, IS, debit
pay period – The period covered by a salary payment
Time Period Assumption – indicates that the long life of a company can be reported in shorter time periods
Asset, Balance Sheet, Debit, Permanent – Cash
The following table represents output in a day for Bangladesh and USA.   shirts  wheat Bangladesh  40  30 USA  60  80   What is in the economic pie when the two countries are not specializing? 
. An accrual refers to an event where the: – expense or revenue is recorded before the cash settlement
Asset – Probable future economic benefit.
In Balance. – A condition in which the total of the debits and the total of the credits are equal in an account.
what was the desired result of SOX – include more transparancy, accountability, and truthfulness in reporting transactions
The fоllоwing tаble represents оutput in а dаy for Bangladesh and USA.   shirts  wheat Bangladesh  40  30 USA  60  80   What is in the economic pie when the two countries are not specializing? 
retained earnings statement – Statement shows amounts and causes of changes in retained earnings during the period

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