Intro To Accounting 20653 Exam 4 Laurie Wood Tcu

Postdated check – Check with a future date on it
Deferrals – Cash comes then you adjust
net purchases equation – purchases + transportation in – purchases discounts – purchases returns and allowances = net purchases
It is best to compare this year's performance with last year's actual performance rather than this year's budget. – False
gastos de fabricación – manufacturing investments
Two major functions of accounting – …
Incomes – •Inflow of value
•Asset increases OR Liability decreases
•Equity increases (not because of more capital)
Methods of depreciation that allow the business to recover the cost of early in the life of the asset include – Double declining balance and sum of years digits
If you register early, then you will get the courses you want. This is an example of CRUM’s _____________ approach to modeling the mind.
Partnership – A type of business considered to exist when there is co-ownership of a business activity carried on with the objective of making a profit.
A dividend is: – A. A distribution of the company's earnings to its stockholders
If yоu register eаrly, then yоu will get the cоurses you wаnt. This is аn example of CRUM’s _____________ approach to modeling the mind.
Favourable or unfavourable revenues & expenses? – Revenues
– Favourable if actual is more/higher than budgeted.
– Unfavourable if actual is less/lower than budgeted.
Expenses
– Favourable if actual is less/lower than budgeted.
– Unfavourable if actual is more/higher than budgeted.
Shareholder – Owners of the company
Revenue – Money earned by the business.
Low cost strategy – products and services of "acceptable" quality are offered at lower prices than the competition

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