Intro To Accounting 20653 Exam 2 Laurie Wood Tcu

Dividends Payable – Liabilities
wasting assets – zu┼╝ywalne aktywa (amortyzacja)
Average Cost Method – Amount good sold for * Number of units in ending inventory
Capital contribution – owner's equity. contribution from the beginning
purchases allowance – Credit allowed for part of the purchase price of merchandise that is not returned, resulting in a decrease in the customer's accounts payable.
accrued expenses – Expenses incurred but not yet paid in cash or recorded.
What is the major constituent of natural gas?
Objectivity – impartiality including freedom from conflict interest
Define accounting and state the purpose of accounting. – Accounting is the process of recording, analyzing, interpreting and communicating the financial activity of an individual or organization. The purpose of accounting is to allow interested users to make informed judgements based on accurately recorded information.
accounting equation – An equation showing the relationship among assets, liabilities, and owner's equity
depreciable base – this is the total amt. to be expensed over the life of the asset

cost- residual= depreciable based

25. Creditors' claims to a corporation's resources are referred to as:
A. Dividends.
B. Assets.
C. Liabilities.
D. Stockholders' equity. – C. Liabilities.
Whаt is the mаjоr cоnstituent оf nаtural gas?
Revenue increase with – Credit
Nonoperating activities – Various revenues, expenses, gains, and losses that are unrelated to a company's main line of operations.
Accrued expenses – Expenses incurred but not yet paid in cash or recorded.
Accrued Expenses – [Also called accrued liabilities] Used when cash is paid in a period AFTER receiving services provided to the company. Liabilities owed in the course of business that are not repeat purchases. Accrued means "Not yet paid"
assets – Resources that represent probable future benefits. Cash, inventory, PP&E

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