accounting
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| show | international accounting standards board
-least liquid 1st into most value last. such as land to cash
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| What is an Income statment | show 🗑
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| show | Security Exchange Commission
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| GAAP | show 🗑
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| show | 1. Source Documents (you journalize that) then you TRIAL BALANCE it then INCOME STATEMENT
2. Income Statement
3. Statement of Retained Earnings
4. Statement of Cash Flow
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| Balance Sheet | show 🗑
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| show | Anything that a company owns or controls
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| Liability | show 🗑
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| show | Equity= assets minus liabilities
ex 1. its contributed capital
ex 2. common stock
ex 3. dividends
ex 4.retained earnings
ex 5.revenue
ex 6. expenses
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| What are the -4 accounting principals | show 🗑
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| show | Items are recorded at Cost when you purchase them. At Actual Cost
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| What is the Full Disclosure principal? | show 🗑
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| show | A company must record expenses incurred in order to generate revenue. (like computer equipment)
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| Revenue Recognition Principal | show 🗑
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| show | An income statement that reports Net Income. Net Income = Revenue - Expenses
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| What is the purpose of a statement of retained earnings? What does it show? | show 🗑
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| What is a cash flow statement? What does it include? | show 🗑
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| The Accounting Cycle. What is it? | show 🗑
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| show | *Assets = Liabilities + Equity + (Revenue - Expenses)
(Assets = Liabilities + Equity) = Balance Sheet
*Balance Sheet - Dividends = Retained Earnings
*Equity = shareholders
(Revenue - Expenses) = Income Statement
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| show | 1. Operating
2. Financing
3. Investing
4. Net Cash Increase
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| The Debt Ratio | show 🗑
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| show | A 'T - account' represents a ledger account and is a tool used to understand the effects of one or more transactions.
Debits are left (Increase assets).
Credits are right (decrease assets)
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| The General Ledger (and the chart of accounts) | show 🗑
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| show | A record of Increases and decreases.
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| What are the 4 steps in the Analyzing & Recording Process | show 🗑
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| show | Internal and External
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| Priority of Liabilities | show 🗑
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| show | 1) Financing Activities
2) Investing Activities
3) Operating Activities
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| 3 Basic Types of company operations | show 🗑
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| show | Return on Assets. Return on assets = 'Net income' Divided by 'Total average Assets'
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| show | Refer to happenings that effect the accounting equation and are reliably measured
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| The two constraints | show 🗑
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| (ASSUMPTIONS) Going Concern | show 🗑
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| show | We can express transactions in monetary, or money units.
Like dollars associated with dollars or dollars with couches or what ever has monetary value
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| show | A business is accounted for separately than other business entities, including its owner.
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| (ASSUMPTIONS) Time Period | show 🗑
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| Plant Assets | show 🗑
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| How to start the accounting cycle. How to close the accounting cycle | show 🗑
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| 4 accounting assumptions | show 🗑
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| show | 1. Materiality
2. Cost benifit
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| Operating Activity | show 🗑
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| Strategic Management | show 🗑
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| Cash | show 🗑
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| show | Anything that proves a transaction has occurred.
Examples: receipt, client billing, note payable, purchase ticket, bank statement.
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| show | Debit = decreases common stock.
Credit = Increases common stock
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| What is Common Stock?? | show 🗑
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| show | DEAD = (debits)DebitsExpensesAssetsDividends.
CRCL = (credit)CreditRevenueCapitolLiabilities
You use this when.......(help)
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| show | The current ratio is one measure of a companies ability to pay it's short term obligations.
The current ratio = current assets divided by current liabilities.
(if the ratio is less than 1, than current liabilities exceed current assets)
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| show | Profit margin = net income divided by net sales.
Profit margin is used to tell you the percent of profit of each dollar sale.
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| show | is the span of time between cash being used to acquire raw material, and the sale of what ever you're making from said material.
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| Managerial accounting vs. Financial Accounting | show 🗑
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| show | Accrual accounting (think banker): you note down every financial action. Cash accounting (think drug dealer): when you pay cash for things. cash in hand
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| What is an Interim Financial Statement | show 🗑
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