# 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

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

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…

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

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)

Net Profit Margin

current ratio

gross profit

gross profit percentage

net income / net sales (or operating revenues)

current assets / current liabilities

net sales - cost of sales

gross profit / net sales

Net Profit Margin

net income / net sales (or operating revenues)

current ratio

current assets / current liabilities

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

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

variable cost per unit

fixed xosts

express variable and fixed cost in Y =…

calculate break even units

change in costs / change in days

high cost - (VCU x high days)

fixed costs + VC(high days)

difference in costs x fixed costs

variable cost per unit

change in costs / change in days

fixed xosts

high cost - (VCU x high days)

accounts received equation

inventory equation

accounts payable equation

salaries payable equation

begin balance+sales rev-collections from customers

begin balance+purchases-cogs

begin balance+purchases-payments to supplier

begin balance+salalries expenses-salaries pay

accounts received equation

begin balance+sales rev-collections from customers

inventory equation

begin balance+purchases-cogs

The accounting equation

Gross profit

Net profit

Profit for the yr

Ass = equi + labs... Equi = ass - labs... liabs = ass - equi

Sales rev - cost of sales

Gross Prof - op expenses

Net Prof - interest - tax

The accounting equation

Ass = equi + labs... Equi = ass - labs... liabs = ass - equi

Gross profit

Sales rev - cost of sales

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

Net Sales

Net Purchases

Gross Profit

COM sold

Sales... -Sales Discount... -Sale R&A

Purchases... +Transportation In... -PurchaseDiscount... -Sales R&A

Net Sales... -COM sold

Beg. Merch. Inv... -net purchases... -end. Merch. Inv.

Net Sales

Sales... -Sales Discount... -Sale R&A

Net Purchases

Purchases... +Transportation In... -PurchaseDiscount... -Sales R&A

Earnings per share

Working capital

Current ratio

Debt to Assets Ratio

(Net income-Preferred Dividends) / ((Beginn. Outst. + End. Out…

Current assets- current liabilities

Current assets / current liabilities

Total liabilities / total assets

Earnings per share

(Net income-Preferred Dividends) / ((Beginn. Outst. + End. Out…

Working capital

Current assets- current liabilities

Unit Contribution Margin

contribution margin ratio

break even points in units

break even points in dollars

Unit selling price-unit variable costs

unit contribution margin/unit selling price

fixed costs/unit contribution margin

fixed costs/contribution margin ratio

Unit Contribution Margin

Unit selling price-unit variable costs

contribution margin ratio

unit contribution margin/unit selling price

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