Intro To Accounting 20653 Exam 2 Laurie Wood Tcu

Work sheet – a columnar accounting form used to summarize the general ledger information needed to prepare financial statements
Proprietorship – a business owned by one person
Expenses – the dollar amount of resources the entity used to earn revenues during the period (tax expense, etc)
Wealth – Static measure that represents a stock at a point in time
10.Restitution – is recompense for injury or loss.
Notes Payable – A written promise of a business to pay a creditor a certain amount in the future
Organic compounds that contain a benzene ring or possess certain properties similar to those of benzene are called ________ compounds.
going concern concept – The presumption that the entity will continue to operate in the future—it wont' have to be liquidated.
temporary accounts – are kept for each period and then transfer the balances of revenues, expenses and dividends to the retained earnings account.
The governmental organization responsible for overseeing the financial statements of publicly-owned companies and which also has the legal authority to establish accounting regulations for those companies is the
a. American Institute of Certified Public Accountants (AICPA)
b. General Accounting Office (GAO)
c. American Accounting Association (AAA)
d. Securities Exchange Commission (SEC) – d. Securities Exchange Commission (SEC)
Orgаnic cоmpоunds thаt cоntаin a benzene ring or possess certain properties similar to those of benzene are called ________ compounds.
Auditor – Independent chartered accountants who check and report on the accuracy and reliability of the financial records.
Federal Acquisition Regulations – FAR – The principal set of rules in the Federal Acquisition Regulation System.
Double Declining Balance – (1/useful life in years)*2

This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply