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Preliminary Accounts

Financial Accounting

QuestionAnswer
Cash Current Asset BS Debit
Accounts Receivable Current Asset BS Debit
Allowance for Doubtful Accounts Contra CA BS Credit
Short-Term Notes Receivable Current Asset BS Debit
Marketable Securities Current Asset BS Debit
Short Term Investments Current Asset BS Debit
Merchandise Inventory Current Asset BS Debit
Supplies Current Asset BS Debit
Prepaid Expenses Current Asset BS Debit
Prepaid Insurance Current Asset BS Debit
Land Property, Plant, Equipment BS Debit
Buildings Property, Plant, Equipment BS Debit
Machinery Property, Plant, Equipment BS Debit
Autos & Trucks Property, Plant, Equipment BS Debit
Furniture & Fixtures Property, Plant, Equipment BS Debit
Equipment Property, Plant, Equipment BS Debit
Accumulated Depreciation Contra Asset PPE BS Credit
Long-Term Notes Receivable Investment BS Debit
Long Term Investments Investment BS Debit
Investments in Stock Investment BS Debit
Investments in Bonds Investment BS Debit
Investments in Land Investment BS Debit
Patents, Goodwill, Copyrights, Trademarks Intangibles BS Debit
Accounts Payable Current Liability BS Credit
Wages Payable Current Liability BS Credit
Interest Payable Current Liability BS Credit
Short-Term Notes Payable Current Liability BS Credit
Accrued Liabilities Current Liability BS Credit
Unearned Revenues CL/LTL BS Credit
Subscriptions Received in Advance CL/LTL BS Credit
Bonds Payable Long Term Liability BS Credit
Mortgage Payable Long Term Liability BS Credit
Long-Term Notes Payable Long Term Liability BS Credit
Common Stock S/E BS Credit
Capital Stock S/E BS Credit
Retained Earnings S/E St. of RE Credit
Dividends St. of RE Debit
Sales Revenue IS Credit
Service Revenue IS Credit
Interest Revenue IS Credit
Concession Revenue IS Credit
Commission Revenue IS Credit
Fees Earned IS Credit
Rent Revenue IS Credit
Cost of Goods Sold IS Debit
Wage Expense IS Debit
Rent Expense IS Debit
Selling Expense IS Debit
Depreciation Expense IS Debit
Utilities Expense IS Debit
Advertising Expense IS Debit
Repair Expense IS Debit
Fuel Expense IS Debit
Supplies Expense IS Debit
Interest Expense IS Debit
Insurance Expense IS Debit
Amortization Expense IS Debit
The magnitude of an accounting information omission or misstatement that will affect the judgement of someone relying on the information Materiality
The practice of using the least optimistic estimate when two estimates of amounts are about equally likely Conservatism
For accounting information, the quality that allows a user to compare two or more accounting periods for a single company Consistency
The capacity of information to make a difference in a decision Relevance
The quality that makes accounting information dependable in representing the events that it purports to represent Reliability
For accounting information, the quality that allows a user to analyze two or more companies and look for similarities and differences Comparability
The quality of accounting information that makes it comprehensible to those willing to spend the necessary time Understandability
A company is assumed to be a separate economic entity that can be identified and measured This concept helps determine the scope of financial statements Economic Entity
Historical cost is the input price paid when asset originally purchased Ex: Land & property used in a company's operations are all valued at original cost Cost Principle
The life of an economic entity is assumed to be indefinite. Assets defined as having future economic benefit, require this assumption. Going Concern
This principle requires that companies report in discrete time periods, like months, quarters and years. Time Period Assumption
Working Capital Formula Current Assets - Current Liabilities
Current Ratio Current Assets / Current Liabilities
Purchases Debit
Transportation-In Debit
Purchase Discounts Credit
Purchase Returns & Allowances Credit
Created by: jrosettu
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