Review
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| Assets: + on left or right? | left (debit)
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| Assets: - on left or right? | right (credit)
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| Drawing: + on left or right? | left (debit)
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| Drawing: - on left or right? | right (credit)
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| Expenses: + on left or right? | left (debit)
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| Expenses: - on left or right? | right (credit)
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| Revenue: + on left or right? | right (credit)
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| Revenue: - on left or right? | left (debit)
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| Capital: + on left or right? | right (credit)
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| Capital: - on left or right? | left (debit)
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| Liabilities: + on left or right? | right (credit)
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| Liabilities: - on left or right? | left (debit)
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| those expenses associated with administrative or office operating expenses | general expenses
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| refers to the speed with which an asset can be converted to cash | liquidity
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| net sales minus cost of goods sold | gross profit
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| cash and all other current assets that can be converted into cash quickly | quick assets
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| cost of plant and equipment less the accumulated depreciation amounts | book value
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| 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
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| assets that are expected to be used for more than one year in the operation of a business | fixed assets
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| gross sales less sales returns and allowances and sales discounts | net sales
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| the number of times the merchandise inventory turned over, or was sold, during the accounting period | inventory turnover
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| current assets divided by current liabilities | current ratio
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| those obligations that will extend beyond one year or the normal operating cycle, whichever is longer | long-term liabilities
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| the number of times the accounts receivable turned over, or were collected, during the accounting period | accounts receivable turnover
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| 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
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| 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
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| quick assets divided by current liabilities | quick ratio
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| a trial balance taken after the temporary owner's equity accounts have been closed | post-closing trial balance
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| 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
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| an account that is used to reflect an obligation that is secured by a mortgage on certain property | mortgage payable
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| gross profit minus operating expenses on a multiple-step income statement | income from operations
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| sales - sales returns & allowances -sales discounts | net sales
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| purchases - purchases returns & allowances - purchase discounts | net purchases
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| beginning inventory + net purchases | cost of goods available for sale
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| beginning inventory + net purchases - ending inventory | cost of goods sold
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| net sales - cost of goods sold | gross profit
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| beginning capital + owner's investment + net income - net loss - owner's withdrawals (drawing) | ending capital
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| cash, notes receivable, accounts receivable, merchandise inventory, prepaid insurance, supplies | current assets
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| accounts payable, notes payable, wages payable, unearned revenue, current portion of mortgage payable | current liabilities
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| land, building, equipment | plant (fixed) assets
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| mortgage payable | long-term liabilities
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| current assets divided by current liabilities | current ratio
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| current assets - current liabilities | working capital
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| net credit sales divided by average accounts receivable | accounts receivable turnover
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| cost of goods sold divided by average inventory | inventory turnover
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| 365 days divided by accounts receivable turnover | age of accounts receivable
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| 365 days divided by inventory turnover | age of inventory
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| 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
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| 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
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| a written order from the buyer of goods to the supplier, listing items wanted and the terms of the transaction | purchase order
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| a form used to request that the purchasing department buy something. this form is intended for internal use within a company | purchase requisition
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| a stock of goods that a company buys and intends to resell, in the same physical condition, at a profit | merchandise inventory
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| books or original entry in which specialized types of repetitive transactions are recorded (used instead of general journal for specific transactions) | special journals
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| a group of accounts representing individual subdivisions of a controlling account (shows details of a T account) | subsidiary ledger
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| financial statement concerning net sales and net purchases | income statement
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| which bad debts method is considered OK for taxes? | direct/specific write-off method
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| the last step in the accounting cycle | post-closing trial balance
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leahmurphy
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