Intro To Accounting 20653 Exam 4 Laurie Wood Tcu

Market Interest Rate – Or Yield, is the current rate of interest on debt when incurred.
balance sheet common-size statements/percentage method – express the major items in the balance sheet as a percent of the total assets and compare with previous fiscal periods
Days payable outstanding – 365/(COGS/Accounts Payable) or 365/(Purchases/Accounts Payable)
internal auditors – Those professionals who look at controls and procedures in use by their employer.
Ledger – Grouping of all the T-Accounts, with their balances
Adjustments – Changes recorded on a work sheet to update the general ledger accounts at the end of the fiscal period
Expense Recognition Principle – The practice of recording or "matching" expenses to the period in which they help generate revenues. Revenues are recorded when earned, following the revenue recognition principle. Expenses are then recognized by "matching" the assets or services "used up" in the process of earning the revenue.
Opening an Account – Writing an account title and number on the heading of an account
dereognition – bilanço dışı bırakma
Prepaid Expenses – expense payments made in advance, shows up on the balance sheet as a current asset
If an infant has learned to push buttons on a toy to get it to make funny sounds, and now the toy is changes so that she must turn the buttons to the left or right to hear the sounds, the learning this requires would best be considered an example of:
Financial Analysis – Evaluation and interpretation of financial statements and related performance measures.
proving cash – determining that the amount of cash agrees with the balance of the cash account in the accounting records
Detective controls – Find problems
If аn infаnt hаs learned tо push buttоns оn a toy to get it to make funny sounds, and now the toy is changes so that she must turn the buttons to the left or right to hear the sounds, the learning this requires would best be considered an example of:
stakeholders: any persons or groups who will be affected by an action – stakeholders: any persons or groups who will be affected by an action
Return on equity – Net income / Equity
accounts payable ledger – a subsidiary ledger containing only account for vendors from whom merchandise or other items are purchase on account
3 steps to a trial balance – 1) list each account title and it's amount (from the ledger) in the trial balance column
2) compute the total debit balances and the total credit balances
3)verify (prove) total debit balances equal to total credit balances

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