#### Study sets matching "accounting equations"

#### Study sets matching "accounting equations"

Assets Liabilites Equity Equation

Total Equity Equation

Retained Earning Equation

Net Income Equation

Assets = Liabilities + Equity

Common Stock + Retained Earning

Beginning Retained Earning + Net Income -Dividends =

Revenues - Expenses

Assets Liabilites Equity Equation

Assets = Liabilities + Equity

Total Equity Equation

Common Stock + Retained Earning

Assets Liabilites Equity Equation

Total Equity Equation

Retained Earning Equation

Net Income Equation

Assets = Liabilities + Equity

Common Stock + Retained Earning

Beginning Retained Earning + Net Income -Dividends =

Revenues - Expenses

Assets Liabilites Equity Equation

Assets = Liabilities + Equity

Total Equity Equation

Common Stock + Retained Earning

Inventory turnover Equation

Days in Inventory Equation

Calculating COGS Equation

Receivables Turnover Equation

COGS/Average inventory

365 Days/ Inventory turnover

Beginning Inventory + COGS purchase = COGS available for Sale…

Net Credit Sales/ Average Gross Receivables

Inventory turnover Equation

COGS/Average inventory

Days in Inventory Equation

365 Days/ Inventory turnover

Assets Liabilites Equity Equation

Total Equity Equation

Retained Earning Equation

Net Income Equation

Assets = Liabilities + Equity

Common Stock + Retained Earning

Beginning Retained Earning + Net Income -Dividends =

Revenues - Expenses

Assets Liabilites Equity Equation

Assets = Liabilities + Equity

Total Equity Equation

Common Stock + Retained Earning

Gross Profit

Net Income

Accounts Receivable Turnover Ratio

Inventory Turnover Ratio

Net Sales - COGS

Gross Profit - operating expenses - taxes

Net sales / average accounts receivable

COGS / Average inventory ... or ... Sales / Average inventory

Gross Profit

Net Sales - COGS

Net Income

Gross Profit - operating expenses - taxes

Accounting

Accounting System

Accounting Records

Service business

Planning, recording, analyzing, and interpreting financial inf…

A planned process for providing financial information that wil…

Organized summaries of a business's financial activities

A business that performs an activity for a fee

Accounting

Planning, recording, analyzing, and interpreting financial inf…

Accounting System

A planned process for providing financial information that wil…

allocation of net income based on state…

allocation of net income based on capit…

Chapter 13--Corporations

preferred dividends =

net income x stated ratio

net income x (capital balance/total capital)

...

outstanding shares x par value x preferred dividend rate

allocation of net income based on state…

net income x stated ratio

allocation of net income based on capit…

net income x (capital balance/total capital)

COGAS (cost of goods available for sale)

Average Unit Cost

Net Sales

Ending inventory

(Beginning inventory) + (net purchases) + (shipping)

(total cost of all goods added up) / (Total # of units for sal…

(Gross sales) - (Sales returns and allowances)

(Beginning inventory) + (Net purchases) + (shipping) - (COGS)

COGAS (cost of goods available for sale)

(Beginning inventory) + (net purchases) + (shipping)

Average Unit Cost

(total cost of all goods added up) / (Total # of units for sal…

asset

liabilities

owner's equity

accounting equation

Anything of value that is owned or controlled by an individual…

The debts of a business

The owner's investment in the business

Assets = Liabilities + Owner's Equity

asset

Anything of value that is owned or controlled by an individual…

liabilities

The debts of a business

Basic Accounting Equation

Net Income

Net Income (Loss)

Gross Profit

A = L + C... Assets = Liabilities + Capital

R - E... Revenue - Expenses

GP - E... Gross Profit - Expenses

NS - COMS... Net Sales - Cost of Merchandise Sold

Basic Accounting Equation

A = L + C... Assets = Liabilities + Capital

Net Income

R - E... Revenue - Expenses

Inventory Turnover Ratio

Gross Profit Percentage

Current Ratio

LIFO Tax Saving for one year

COGS/Avg. Inventory

Gross Profit/ Total Sales Revenue

Current Assets/ Current Liabilities

(Increase in LIFO reserve)(Tax Rate)

Inventory Turnover Ratio

COGS/Avg. Inventory

Gross Profit Percentage

Gross Profit/ Total Sales Revenue

Current Ratio ( working capital ratio)

Acid Test (quick ratio)

Return on assets

Return on equity

Current Assets/Current Liabilities

Current assets - inv/ Current Liabilities

Net Inc/Avg total ass.

Net inco/avg equity

Current Ratio ( working capital ratio)

Current Assets/Current Liabilities

Acid Test (quick ratio)

Current assets - inv/ Current Liabilities

Period cost

Prime cost

Conversion cost

Fixed cost element

Selling expenses + Admin expenses

Direct material cost + Direct labor cost

Direct labor cost + Manufacturing overhead cost

Total cost - Variable cost element

Period cost

Selling expenses + Admin expenses

Prime cost

Direct material cost + Direct labor cost

Debt Ratio

Current Ratio

Net Sales Revenue

Gross Profit Percentage

Total Liabilities / Total Assets

Total Current Assets / Total Current Liabilities

Sales Revenue - Sales Returns and Allowances - Sales Discounts

Gross Profit / Net Sales Revenue

Debt Ratio

Total Liabilities / Total Assets

Current Ratio

Total Current Assets / Total Current Liabilities

Assets Liabilites Equity Equation

Total Equity Equation

Retained Earning Equation

Net Income Equation

Assets = Liabilities + Equity

Common Stock + Retained Earning

Beginning Retained Earning + Net Income -Dividends =

Revenues - Expenses

Assets Liabilites Equity Equation

Assets = Liabilities + Equity

Total Equity Equation

Common Stock + Retained Earning

Percentage of Sales Approach

percentage of receivables approach

recievables turnover ratio

days in receivables ratio

bad debt expense= sales x percentage

recievables x percentage+/- allowance for bad debts

credit sales/ average receivables

365/ recievables turnover ratio

Percentage of Sales Approach

bad debt expense= sales x percentage

percentage of receivables approach

recievables x percentage+/- allowance for bad debts

Accounting Equation

Current Ratio

Net Profit Margin

Debt-to-Assets Ratio

Assets = Liabilities + Stockholder's Equity

Current Assets/ Current Liabilities

Net Income/ Total Revenue

Total Liabilities/ Total Assets

Accounting Equation

Assets = Liabilities + Stockholder's Equity

Current Ratio

Current Assets/ Current Liabilities