WCC acct 201 test 2 Word Scramble
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Question | Answer |
Assets increase, debit or credit | debit |
Assets decrease, debit or credit | credit |
liabilities increase, debit or credit | credit |
liabilites decrease, debit or credit | debit |
withdrawals increase, debit or credit | debit |
expenses decrease, debit or credit | debit |
revenues increase, debit or credit | credit |
periodic | HIGH volume, LOW cost (e.g. target) |
perpetual | LOW volume, HIGH cost (e.g. car dealership) |
PURCHASES acct. periodic or perpetual? | periodic |
MERCHANDISE INV acct. periodic or perpetual? | perpetual |
COST OF GOODS SOLD acct. periodic or perpetual? | perpetual |
return on equity (ratio) | net income / average owner's equity ... (RETURN means NET INCOME numerator) |
profit margin (ratio) | net income / net sales |
asset turnover (ratio) | net sales / average total assets |
return on assets (RATIO) | net income / average total assets ... (RETURN means NET INCOME numerator) |
goods available for sale COGAFS (formula) | begin inv + net cost of purchases |
net cost of purchases (formula) | net purchases + freight in |
net purchases (formula) | total purchases - purchase returns/allowances |
cost of goods sold COGS (formula) | begin inv + (purch's - r/a + freight in) - end inv |
working capital (formula) | current assets - current liabilities |
gross margin (formula) | net sales - cost of goods sold |
net sales (formula) | gross sales - r/a |
net income (formula) | gross margin - total operating expenses |
periodic volume vs cost | HIGH volume, LOW cost (e.g. target) |
perpetual volume vs cost | LOW volume, HIGH cost (e.g. car dealership) |
PURCHASES acct. periodic or perpetual? | periodic |
MERCHANDISE INV acct. periodic or perpetual? | perpetual |
COST OF GOODS SOLD acct. periodic or perpetual? | perpetual |
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