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Accounting Q1 & Q2

Review

QuestionAnswer
Assets: + on left or right? left (debit)
Assets: - on left or right? right (credit)
Drawing: + on left or right? left (debit)
Drawing: - on left or right? right (credit)
Expenses: + on left or right? left (debit)
Expenses: - on left or right? right (credit)
Revenue: + on left or right? right (credit)
Revenue: - on left or right? left (debit)
Capital: + on left or right? right (credit)
Capital: - on left or right? left (debit)
Liabilities: + on left or right? right (credit)
Liabilities: - on left or right? left (debit)
those expenses associated with administrative or office operating expenses general expenses
refers to the speed with which an asset can be converted to cash liquidity
net sales minus cost of goods sold gross profit
cash and all other current assets that can be converted into cash quickly quick assets
cost of plant and equipment less the accumulated depreciation amounts book value
this statement shows a step-by-step calculation of net sales, cost of goods sold, gross profit, operating expenses, income from operations, other revenues and expenses, and net income multiple-step income statement
assets that are expected to be used for more than one year in the operation of a business fixed assets
gross sales less sales returns and allowances and sales discounts net sales
the number of times the merchandise inventory turned over, or was sold, during the accounting period inventory turnover
current assets divided by current liabilities current ratio
those obligations that will extend beyond one year or the normal operating cycle, whichever is longer long-term liabilities
the number of times the accounts receivable turned over, or were collected, during the accounting period accounts receivable turnover
those obligations that are due within one year or the normal operating cycle of the business, whichever is longer, and will require the use of current asstes current liabilities
cash and all other assets expected to be converted into cash or consumes within one year or the normal operating cycle of the business, whichever is longer current assets
quick assets divided by current liabilities quick ratio
a trial balance taken after the temporary owner's equity accounts have been closed post-closing trial balance
a written agreement specifying that if the borrower does not repay a debt, the lender has the right to take over specific property to satisfy the debt mortgage
an account that is used to reflect an obligation that is secured by a mortgage on certain property mortgage payable
gross profit minus operating expenses on a multiple-step income statement income from operations
sales - sales returns & allowances -sales discounts net sales
purchases - purchases returns & allowances - purchase discounts net purchases
beginning inventory + net purchases cost of goods available for sale
beginning inventory + net purchases - ending inventory cost of goods sold
net sales - cost of goods sold gross profit
beginning capital + owner's investment + net income - net loss - owner's withdrawals (drawing) ending capital
cash, notes receivable, accounts receivable, merchandise inventory, prepaid insurance, supplies current assets
accounts payable, notes payable, wages payable, unearned revenue, current portion of mortgage payable current liabilities
land, building, equipment plant (fixed) assets
mortgage payable long-term liabilities
current assets divided by current liabilities current ratio
current assets - current liabilities working capital
net credit sales divided by average accounts receivable accounts receivable turnover
cost of goods sold divided by average inventory inventory turnover
365 days divided by accounts receivable turnover age of accounts receivable
365 days divided by inventory turnover age of inventory
plans and procedures built into the accounting system with the following objectives: 1- to protect assets against fraud and waste 2- to provide accurate accounting data 3- to promote an efficient operation 4- to encourage adherence to mgmt policies internal control
a business form prepared by the seller that lists the items shipped, their cost, the terms of the sale, and the mode of shipment. it may also state the freight charges. invoice
a written order from the buyer of goods to the supplier, listing items wanted and the terms of the transaction purchase order
a form used to request that the purchasing department buy something. this form is intended for internal use within a company purchase requisition
a stock of goods that a company buys and intends to resell, in the same physical condition, at a profit merchandise inventory
books or original entry in which specialized types of repetitive transactions are recorded (used instead of general journal for specific transactions) special journals
a group of accounts representing individual subdivisions of a controlling account (shows details of a T account) subsidiary ledger
financial statement concerning net sales and net purchases income statement
which bad debts method is considered OK for taxes? direct/specific write-off method
the last step in the accounting cycle post-closing trial balance
Created by: leahmurphy