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ACC 218

Terms in this set (11)

Return On Assets (ROA)
ROA= Net Income/ Average Total Assets
Average Total Assets= (Beginning Total Assets + Ending Total Assets)/ 2
The guidelines for accounting information are
Generally Accepted Accounting Principles (GAAP)
The field of accounting that focuses on providing information for external decision makers is
Financial Accounting
Which financial statement is prepared first?
Income Statement
A field of accounting that focuses on providing information for internal decision makers is
Managerial Accounting
In the United States, the privately funded organization that oversees the creation and governance of accounting standards is called
Financial Accounting Standards Board (FASB)
True or False: Accounts Payable increases with a credit entry.
True
True or False: Liabilities normally have a credit balance
True
Debt Ratio Formula
Total Liabilities / Total Assets
Current Ratio Formula
Current Assets/ Current Liabilities
Retained Earnings
Net Income-Dividends
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