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Manager Accouting
C202 chapt 5
| Question | Answer |
|---|---|
| gross profit means | the difference between the selling rice of a product and the cost of the product |
| operating income means | gross profit minus all other expenses except for interest and taxes |
| income from continuing operations means | operating income minus interest expense, minus, income tax expense, and plus or minus other misc. revenue and expense items and gains and losses from peripheral transactions and events |
| net income means | income from continuing operations plus or minus the results of discontinued operations and extraordinary items, net of their repsective |
| comprehensive income means | net income plus or minus adjustments for changes in company wealth stemming from changes in certain exchange rates or financial instruments values |
| the primary categories of income statement items are | revenues, expenses, gains, and losses |
| earnings per share | the amount of net income associated with each share of stock |
| companies can generate income by | selling goods, providing services, and earning interest through loaning money |
| key expense item are | cost of goods sold, selling, general and administrative expense; depreciation expense; interest expense, and income tax expense |
| a singe step income statement | groups all revenue and all expenses and reports the overall difference |
| an expense should be recognized | in the period where the revenue it was used to generate is recognized |
| income statements | forecast future income in future periods |
| cash budget | tool for helping management plan its cash needs |
Created by:
nashanta
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