accounting ratios, real balances, and formulas to remember.
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Assets increase, debit or credit | debit
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| Assets decrease, debit or credit | credit
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| liabilities increase, debit or credit | credit
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| liabilites decrease, debit or credit | debit
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| withdrawals increase, debit or credit | debit
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| expenses decrease, debit or credit | debit
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| revenues increase, debit or credit | credit
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| periodic | HIGH volume, LOW cost (e.g. target)
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| perpetual | LOW volume, HIGH cost (e.g. car dealership)
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| PURCHASES acct. periodic or perpetual? | periodic
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| MERCHANDISE INV acct. periodic or perpetual? | perpetual
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| COST OF GOODS SOLD acct. periodic or perpetual? | perpetual
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| return on equity (ratio) | net income / average owner's equity ... (RETURN means NET INCOME numerator)
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| profit margin (ratio) | net income / net sales
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| asset turnover (ratio) | net sales / average total assets
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| return on assets (RATIO) | net income / average total assets ... (RETURN means NET INCOME numerator)
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| goods available for sale COGAFS (formula) | begin inv + net cost of purchases
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| net cost of purchases (formula) | net purchases + freight in
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| net purchases (formula) | total purchases - purchase returns/allowances
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| cost of goods sold COGS (formula) | begin inv + (purch's - r/a + freight in) - end inv
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| working capital (formula) | current assets - current liabilities
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| gross margin (formula) | net sales - cost of goods sold
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| net sales (formula) | gross sales - r/a
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| net income (formula) | gross margin - total operating expenses
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| periodic volume vs cost | HIGH volume, LOW cost (e.g. target)
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| perpetual volume vs cost | LOW volume, HIGH cost (e.g. car dealership)
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| PURCHASES acct. periodic or perpetual? | periodic
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| MERCHANDISE INV acct. periodic or perpetual? | perpetual
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| COST OF GOODS SOLD acct. periodic or perpetual? | perpetual
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|
Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
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