Intro To Accounting 20653 Exam 2 Laurie Wood Tcu

*interest revenue* – Money received for interest.
ending work-in-process – inventory that is not complete
and attaching a unit cost to it requires defining the output of the
period. A unit completed and transferred out during the period is
not identical (or equivalent) to one in EWIP inventory, and the
cost attached to the two units should not be the same.
financial audit – An independent, external audit
Accounting – The process of planning, analyzing, and interpreting finacial info
NON-VALUE ADDED ACTIVITIES – ACTIVITIES THAT CUSTOMERS ARE NOT WILLING TO PAY FOR BECAUSE THEY ADD NO VALUE
Which tax is NOT withheld from an employee's salary? – Federal and state unemployment taxes
Materiality Constraint – In some cases where an accounting item is deemed too small to affect a user's decisions, the "required" accounting may be ignored.
Journal – any book of original entry.
Inventory record – A form used during a periodic inventory to record information about each item of merchandise on hand
Astronomers have determined that dark matter is the effect of
Finance Cost – Expenses that are incurred to gain finance. (Only includes interest which the business has to pay or has paid.)
E.g. Interest on loan.
owners equity – owners right to the assets of the business
Astrоnоmers hаve determined thаt dаrk matter is the effect оf
Accounts receivable – is an asset
Special Endorsement – Indicates a new owner of a check

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