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Week 1 Accounting
OSU
| Question | Answer |
|---|---|
| Assets (Current) {Image} | Cash Account Receivable Inventory Supplies {Clothing Store} |
| Assets (Long) | (Corporeal) Property Plant Equipment (incorporeal) Trade Mark Patents Copy Right |
| Major Financial Statements | Balance sheet Income statement Statement of Owners equity Statement of Cash Flow |
| Liabilities (Current) | Account Payable Short term note Payable Salaries Payable Income Taxes Payable Utilities Payable |
| Liabilities (Long) | Notes Payable Mortgage Payable |
| Contributed Capital Equation | Beginning Common Stock + "Stock" --------------------- End Common Stock |
| Retained Earning Equation | Beginning Retained Earnings +Net Income -Dividends ----------------- End Retained Earnings |
| Equity | Retained Earnings +Contributed Capital( Common Stock) |
| Dividends | Only Effects Equity Also: Company is not legally required to payout Dividends Also: It is not an Expense Hence does not effect Net income |
| "Receivable" | Assets |
| Fundamental Accounting Equation | Assets = Liabilities + Equity "ALE" |
| Historical Cost Concept | GAAP, Assets are to be shown at cost of PRECISE on Balance Sheet "things do not depreciate" |
| Economic Resources owned by a business | Assets |
| Debts Owned by a Business | Liabilities |
| Amount of the owner investment in the Business | equity |
| Statement of Financial Position | Balance Sheet |
| Income Statement | Retained Earnings + Contributed Capital "Shows Profitability For a PERIOD of time" |
| Special type of Expense | Cost of Goods Sold |
| Income Statement Equation | Revenues - Expenses = Net Income |
| Gross Profit Equation | Sales Revenue - Cost of Goods Sold = Gross Profit |
| What is "Gross Profit" | Result of Selling Inventory |
| Larger Equation for Net Income | Sales Revenue - Cost Of Goods Sold ------------------------- +Other Revenues -Other Expenses ------------------------- Net Income |
| Net Loss | Expenses > Revenues |
| Categories of Equity | Contributed Capital(Common Stock) Retained Earnings |
| Retained Earnings | Net Income Kept within the Company and NOT Pay to Owners as Dividends "Expansion" |
| Statement of Cash Flow | Simply shows the changes in cash for a period of time ""Same Period As Income Statement" Provided Info On: Cash receipts (inflow) Cash Payments (outflow) |
| Statement of Cash Flow (Categories) (OIF) | Operating Activities Investing Activities Financing Activities |
| Balance sheet (Statement of Financial Position) | Assets (Economic resources owned by the Company) Liability's ( Debt owned by a business) Equity ( Amount of owners investment in Business) |
| Financial Statements | Set of reports That convey information to Creditor's and Investors |
| Income Statement | Shows Profitability for a Period of time (Revenue and Expenses) |
Created by:
Elzbane
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