Intro To Accounting 20653 Exam 3 Laurie Wood Tcu

False – Generally accepted accounting principles or GAAP allows for flexibility in reporting
schedule of accounts payable – a listing of vendor accounts, account balances, and total amount due all vendors
capital – Another name for the owners' equity of a business.
Would cash be recorded on the debit or credit side of journal entry when a company buys shares of stock? – Credit
account – detailed record of changes in a particular asset, liability or stockholder equity
Retained Profit – Profits made by businesses are owed back to the owner
profit and loss statements – Another term for the income statement, An itemized financial statement of the income and expenses of a company's operations.
Accounting – The information system that identifies, records and communicates the economic events of an organisation to interested users
CUSTOMER INTIMACY – RITZ-CARLTON, NORDSTROM AND STARBUCKS
Currently in the United States, approximately ________ couples have difficulty in conceiving or giving birth to children. (Let me give you a hint here: it is way more common than what you think.)
the loans appear as charges on these – die Darlehen erscheinen als Belastungen auf diesen Konten
Income statement – a formal financial statement which presents the income, expenses, and resulting net profit or net loss for a given period.
GAAP – the set of rules that all accountants use to prepare finacial reports
Currently in the United Stаtes, аpprоximаtely ________ cоuples have difficulty in cоnceiving or giving birth to children. (Let me give you a hint here: it is way more common than what you think.)
cost constraint – constraint that weights the cost that companies will incur to provide the information against the benefit that financial statement users will gain from having the information available
Familiarity w/department personnel(accounting supervisor & Business administration upper management) –

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