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Study sets matching "accounting guide"

60 terms
Accounting Guide
Income Statement
Always appears on income statement
Never appears
Criteria for what always appears on in…
Lists company's rev, exp, taxes with after-tax profit at the…
Revenue, COGs, Operating Expenses, Depreciation, Amortization…
CapEx, Purchasing/selling investments and PPE, Dividends, Iss…
1. Affect company's taxes... 2. Correspond to period shown
Income Statement
Lists company's rev, exp, taxes with after-tax profit at the…
Always appears on income statement
Revenue, COGs, Operating Expenses, Depreciation, Amortization…
21 terms
Accounting Guide
IS line items
COGS
Op Ex
Line items don't need to be
Revenue- COGS- Gross Profit - OpEx - D/A/Stock Comp - Op Inco…
Cost that directly link to sales that creates Rev
Cost that are not directly to sales of product (salary, sales…
everyday activities, cash expense, don't need to be on its ow…
IS line items
Revenue- COGS- Gross Profit - OpEx - D/A/Stock Comp - Op Inco…
COGS
Cost that directly link to sales that creates Rev
128 terms
Accounting guide
Accounting
American Institue of Certified Public…
Corporation
Financial Accounting Standard Board
The process of recording, classifying, and summarizing econom…
(AICPA) The professional organization of CPAs in the United S…
Businessess that are given the right to exist by an individua…
(FASB) SETS the accouttibg standards to be followed for the p…
Accounting
The process of recording, classifying, and summarizing econom…
American Institue of Certified Public…
(AICPA) The professional organization of CPAs in the United S…
36 terms
Accounting Guide
free cash flow provides an indication…
which one of the following affects cas…
if a company has both an inflow and ou…
if a company reports a net loss, it
generate cash to invest in new capital expenditures and gener…
payment of an account payable
cash inflow and cash outflow must be reported separately
may still have a net increase in cash
free cash flow provides an indication…
generate cash to invest in new capital expenditures and gener…
which one of the following affects cas…
payment of an account payable
69 terms
Accounting Guide
Income Statement definition
What requirements must all items on th…
Revenue Definition
COGS Definition
Income Statement includes revenues, expenses and taxes over a…
1. Correspond to period shown on the income statement ONLY... 2.…
Value of products or services that a company sells in the spe…
Expenses directly linked to sale of the products and services
Income Statement definition
Income Statement includes revenues, expenses and taxes over a…
What requirements must all items on th…
1. Correspond to period shown on the income statement ONLY... 2.…
36 terms
Accounting study guide accounts
Account Payable
Account Receivable
Advertising Expense
Capital Stock
Normal Balance: Credit... Type of Account: Liability... Financial S…
Normal Balance: Debit... Type of Account: Asset... Financial Statem…
Normal Balance: Debit... Type of Account: Expense... Financial Stat…
Normal Balance: Credit... Type of Account: Owner's Equity... Financ…
Account Payable
Normal Balance: Credit... Type of Account: Liability... Financial S…
Account Receivable
Normal Balance: Debit... Type of Account: Asset... Financial Statem…
23 terms
Accounting #1 - Guide
Revenue recognition principle
unearned revenue
accounts receivable
GAAP
the principle that companies recognize revenue in the account…
...
...
A set of rules and practices, having substantial authoritativ…
Revenue recognition principle
the principle that companies recognize revenue in the account…
unearned revenue
...
107 terms
Accounting Final Study guide
Current Ratio
Working Capital
Debt to total asset ratio
Earnings per share
Current Assets/Current Liabilities
Current Assets - Current Liabilities
Total debt / total assets
Net Income / # of Shares Outstanding
Current Ratio
Current Assets/Current Liabilities
Working Capital
Current Assets - Current Liabilities
13 terms
Accounting Study Guide 5
Bank statement
Bank endorsement
checking account
code of conduct
report of deposits, withdrawals , and bank balances sent to d…
consisting only the endorsers signature
payments can be ordered by a depositor
statement guiding ethical behavior, company to exployees
Bank statement
report of deposits, withdrawals , and bank balances sent to d…
Bank endorsement
consisting only the endorsers signature
80 terms
Accounting Exam I Study Guide
Sole Proprietorship
Partnership
Corporation
Internal Users
Business owned by 1 person... •very simple to establish; hard ro…
Business owned by 2 or more people... •Easier than SP to raise m…
Business owned by stockholders, organized as separate legal e…
Managers who plan, organize, and run a business... • Examples:... m…
Sole Proprietorship
Business owned by 1 person... •very simple to establish; hard ro…
Partnership
Business owned by 2 or more people... •Easier than SP to raise m…
32 terms
Accounting Study Guide Chapter 4
Account number
Correcting entry
File Maintenance
General Ledger
The number assigned to an account
A journal entry made to correct an error in a previous journal
The procedure for arranging accounts in a general ledger, ass…
A ledger that contains all accounts needed to prepare financi…
Account number
The number assigned to an account
Correcting entry
A journal entry made to correct an error in a previous journal
45 terms
Accounting Unit Study Guide
Balance Sheets
Basic accounting equation
What do balance sheets provide?
Balance sheets are always prepared...
known as the statement of financial position, identifies the…
Assets = Liabilities + Owner's Equity
a snapshot of the financial status of a business at a specifi…
at the end of the fiscal year for a company
Balance Sheets
known as the statement of financial position, identifies the…
Basic accounting equation
Assets = Liabilities + Owner's Equity
8 terms
GUIDE 4 ACCOUNTING
Ledger
General Ledger
Account Number
File Maintenance
A group of accounts
A ledger that contains all accounts needed to prepare financi…
The number assigned to an account
The procedure for arranging accounts in a general ledger, ass…
Ledger
A group of accounts
General Ledger
A ledger that contains all accounts needed to prepare financi…
16 terms
Study Guide 1 Accounting
account
account balance
account title
accounting
A record summarizing all the information pertaining to a sing…
The amount in an account.
The name given to an account.
Planning, recording, analyzing, and interpreting financial in…
account
A record summarizing all the information pertaining to a sing…
account balance
The amount in an account.
11 terms
Banking Guide - Accounting
always appears on IS
never appears on IS
to appear on the IS, an item must
Income Statement flows (the steps/labe…
revenue, COGS, op. exp., D&A, stock-based compensation, inter…
capital expenditures, buying/selling investments and PP&E, di…
correspond to the period shown on the IS only and affect the…
revenue to gross profit to operating (EBIT) to pre-tax (EBT)…
always appears on IS
revenue, COGS, op. exp., D&A, stock-based compensation, inter…
never appears on IS
capital expenditures, buying/selling investments and PP&E, di…
30 terms
Accounting Study Guide 3
Check
Double-entry accounting
Entry
General amount column
a business form ordering a bank to pay cash from a bank accou…
The recording of a debit and credit parts of a transaction.
Information for each transaction recorded in a journal.
A journal amount column headed with an account title.
Check
a business form ordering a bank to pay cash from a bank accou…
Double-entry accounting
The recording of a debit and credit parts of a transaction.
23 terms
IB: Accounting Guide
Income Statement criteria
4 Main Sections of the Income Statement
Always Appears: Income Statement
Never Appears: Income Statement
1. Must correspond to the period shown on the Income Statemen…
1. Revenue and COGS... 2. Operating Expenses- items not directly…
Revenue, COGS, Operating Expenses, Depreciation, Amortization…
Capital Expenditures, Purchasing or Selling Investments and P…
Income Statement criteria
1. Must correspond to the period shown on the Income Statemen…
4 Main Sections of the Income Statement
1. Revenue and COGS... 2. Operating Expenses- items not directly…
43 terms
4.3 Accounting Guide
Income Statement
Criteria to appear on an income statem…
4 Main sections on the Income statement
Revenue and COGS
Contains company's revenue, expenses, and taxes with its afte…
1) It must correspond to the period shown on the income state…
1) Revenue and Costs of Goods Sold... 2) Operating Expenses... 3) O…
Revenue goes at the top, minus COGS
Income Statement
Contains company's revenue, expenses, and taxes with its afte…
Criteria to appear on an income statem…
1) It must correspond to the period shown on the income state…
33 terms
Accounting Study Guide
Accounting Cycle
Accounting Period
Calendar Year
Fiscal Year
normal accounting procedures that are performed over a period…
the time in which the accounting cycle takes place
jan 1 to dec 31
12 consecutive months
Accounting Cycle
normal accounting procedures that are performed over a period…
Accounting Period
the time in which the accounting cycle takes place
231 terms
Accounting Study Guide
Accounts Payable
Accounts Receivable
Buildings
Accumulated Depreciation - Buildings
- Current Liability... - Balance Sheet... - Credit
- Current Asset... - Balance Sheet... - Debit
- Plant, Property, Equipment... - Balance Sheet... - Debit
- Property, Plant, Equipment (Contra)... - Balance Sheet... - Credit
Accounts Payable
- Current Liability... - Balance Sheet... - Credit
Accounts Receivable
- Current Asset... - Balance Sheet... - Debit
20 terms
Account- Final (guide provided)
Managerial accounting is for
Managerial accounting determines some…
Examples of ERP (enterprise resource p…
Value chain includes activities in
internal use
work-in-process
Oracle, SAP, and PeopleSoft
manufacturing and non-manufacturing
Managerial accounting is for
internal use
Managerial accounting determines some…
work-in-process
58 terms
Accounting Final Study Guide
Debit, expense, assets, drawing
Credit, owner's capital, income (Reven…
Expenses and owner's drawing
Normal Balance
What is a part of DEAD in the DEAD COIL?
What is a part of the COIL in DEAD COIL?
What are the wild cards in DEAD COIL?
The side of the account that is increased is called the?
Debit, expense, assets, drawing
What is a part of DEAD in the DEAD COIL?
Credit, owner's capital, income (Reven…
What is a part of the COIL in DEAD COIL?
20 terms
Accounting Study Guide
All accounting transactions are record…
The total of amounts on the left side…
A record summarizing all the informati…
An accounting decide used to analyze t…
False
True
Accounting
T account
All accounting transactions are record…
False
The total of amounts on the left side…
True
20 terms
Accounting Study Guide
A journal shows all the changes in a s…
A separate form for each account is us…
A list of account titles and numbers s…
A group of accounts is called a(n) what?
False
True
Chart of accounts
Ledger
A journal shows all the changes in a s…
False
A separate form for each account is us…
True
20 terms
Accounting study guide
Planning, recording, analyzing, and in…
Financial reports that summarize the f…
A business that performs an activity f…
A business owned by one person is call…
Accounting
Statements
Service business
Proprietorship
Planning, recording, analyzing, and in…
Accounting
Financial reports that summarize the f…
Statements
Accounting study guide 4
Account number
Correcting entry
File maintenance
General ledger
The number assigned to an account
An additional journal entry made to correct an incorrect jour…
The procedure for arranging accounts in a general ledger, ass…
contains all accounts needed to prepare financial statements
Account number
The number assigned to an account
Correcting entry
An additional journal entry made to correct an incorrect jour…
22 terms
Accounting: Study Guide One
Account
Account Balance
Account Title
Accounting
A record summarizing all the information pertaining to a sing…
The amount in an account
The name given to an account
Planning, recording, analyzing, and interpreting financial in…
Account
A record summarizing all the information pertaining to a sing…
Account Balance
The amount in an account
12 terms
Accounting Study Guide 6
Checking Account
Endorsement
Blank Endorsement
Special Endorsement
A bank account from which payments can be ordered by a deposi…
A signature or stamp on the back of a check, transferring own…
An endorsement consisting only of the endorser's signature
An endorsement indicating a new owner of a check
Checking Account
A bank account from which payments can be ordered by a deposi…
Endorsement
A signature or stamp on the back of a check, transferring own…
10 terms
study guide 3-accounting
check
double entry accounting
entry
invoice
a business form ordering a bank to pay cash from a bank account
the recording of debit and credit parts of a transaction
information for each transaction recorded in a journal
a form describing the goods or services sold, the quantity, t…
check
a business form ordering a bank to pay cash from a bank account
double entry accounting
the recording of debit and credit parts of a transaction
11 terms
Accounting-Study Guide #3
Check
Double-entry accounting
Entry
Invoice
A business form ordering a bank to pay cash from a bank account
The recording of debit and credit parts of a transaction
Information for each transaction recorded in a journal
A form describing the goods or services sold, the quantity, t…
Check
A business form ordering a bank to pay cash from a bank account
Double-entry accounting
The recording of debit and credit parts of a transaction
20 terms
Accounting Study Guide 7
The Adequate Disclosure accounting con…
Stakeholders are any persons or groups…
An income statement reports informatio…
The Matching Expenses with Revenue acc…
True
True
True
True
The Adequate Disclosure accounting con…
True
Stakeholders are any persons or groups…
True
48 terms
Financial Accounting Final Guide
Trigg Corporation purchased treasure s…
Orlando Medical's "Current ratio" at y…
Casey's quick (acid-test) ratio at the…
Best Sport , Inc, issues 260,000 share…
$0
Total Current Assets / Total Current Liabilities = Current Ra…
(Cash* + Short-Term Investments + Accounts Receivable) / Curr…
Shares Issued x Issue Price = Common Stock... 260,000 x 3 = 780,…
Trigg Corporation purchased treasure s…
$0
Orlando Medical's "Current ratio" at y…
Total Current Assets / Total Current Liabilities = Current Ra…
7 terms
study guide 4 accounting
account number
ledger
general ledger
file maintenance
the number signed to an account
a group of accounts
a ledger that contains all accounts needed to prepare financi…
the procedure for arranging accounts in a general ledger, ass…
account number
the number signed to an account
ledger
a group of accounts
23 terms
Accounting Study Guide 1
Account
Accounting System
Accounting records
Service business
Planning, recording, analyzing, and interpreting financial in…
A planned process for providing financial information that wi…
Organized summaries of a business's financial activities
Business that performs an activity for a fee
Account
Planning, recording, analyzing, and interpreting financial in…
Accounting System
A planned process for providing financial information that wi…
44 terms
M&I accounting guide
Link the three statements
What is the rule of thumb for ratios l…
Asset goes up, what happens to cash fl…
Asset goes down, what happens to cash…
1.) Net income from bottom line becomes top line of cash flow…
Good on bottom, lower is better... Bad on bottom, higher is bet…
Goes DOWN
Goes UP
Link the three statements
1.) Net income from bottom line becomes top line of cash flow…
What is the rule of thumb for ratios l…
Good on bottom, lower is better... Bad on bottom, higher is bet…
20 terms
Accounting: Chapter 7 Study Guide
The Adequate Disclosure accounting con…
Stakeholders are any persons or groups…
An income statement reports informatio…
The Matching Expenses with Revenue acc…
True
True
True
True
The Adequate Disclosure accounting con…
True
Stakeholders are any persons or groups…
True
22 terms
Accounting Study Guide 1
Account
Account balance
Account title
Accounting
A record summarizing all the information pertaining to a sing…
The amount in an account
The name given to an account
Planning, recording, analyzing, and interpreting financial in…
Account
A record summarizing all the information pertaining to a sing…
Account balance
The amount in an account
22 terms
Study Guide 1 - Accounting
Planning, recording, analyzing, and in…
A planned process for providing financ…
Organized summaries of a business's fi…
Financial reports that summarize the f…
Accounting
Accounting System
Accounting Records
Financial Statements
Planning, recording, analyzing, and in…
Accounting
A planned process for providing financ…
Accounting System
46 terms
Accounting 2 study guide
flow of cash for merchandising company
purchase discounts and other costs wit…
inventory
gross profit rate
-beginning inventory + the cost of goods purchased= cost of g…
-purchase discount: the credit terms of a purchase on account…
companies good on hand
gross profit/net sales
flow of cash for merchandising company
-beginning inventory + the cost of goods purchased= cost of g…
purchase discounts and other costs wit…
-purchase discount: the credit terms of a purchase on account…
18 terms
accounting study guide 5
bank statement
blank endorsement
canceled check
cash over
a report of deposits, withdrawals, and bank balances sent to…
an endorsement consisting only of the endorser's signature
a check which has been paid by the bank
a petty cash on hand amount that is more than a recorded amount
bank statement
a report of deposits, withdrawals, and bank balances sent to…
blank endorsement
an endorsement consisting only of the endorser's signature
9 terms
ACCOUNTING STUDY GUIDE ROCKY
Input Form
Sole Proprietorship
Account Maintenance
Journal
A form to organize and record accounting transaction data bef…
A Business owned by one person
The process of keeping a business's chart of accounts up to d…
Is a record of debit and credit parts of each transaction tha…
Input Form
A form to organize and record accounting transaction data bef…
Sole Proprietorship
A Business owned by one person
Financial Accounting Study Guide
Accounts Receivable
Equity
Transaction
Balance Sheet
When you've done a service but have not been paid yet it goes…
Common stock - Dividends + Revenues - Expenses
Changes your economic position
Describes a company's financial position
Accounts Receivable
When you've done a service but have not been paid yet it goes…
Equity
Common stock - Dividends + Revenues - Expenses
17 terms
Accounting 1010 Final Guide
Book Value Per Share
Return on Assets
Return on Equity
Average Collection Period
Owners Equity/shares outstanding
net income/average total assets
Net Income/average owners equity
365/receivable turn
Book Value Per Share
Owners Equity/shares outstanding
Return on Assets
net income/average total assets
8 terms
Accounting Study Guide 6
Adjustments
Balance sheet
Fiscal period
Income statement
Changes recorded on a work sheet to update general ledger acc…
A financial statement that reports assets, liabilities, and o…
The length of time for which a business summarizes and report…
A financial statement showing the revenue and expenses for a…
Adjustments
Changes recorded on a work sheet to update general ledger acc…
Balance sheet
A financial statement that reports assets, liabilities, and o…
49 terms
Financial Accounting-study guide
Revenue Recognition Principle is recog…
the expense recognition principle matc…
depreciation is
useful life is
it is earned
expenses with revenues
the process of allocating the cost of an asset to expense ove…
the length of service of a productive asset
Revenue Recognition Principle is recog…
it is earned
the expense recognition principle matc…
expenses with revenues
45 terms
ACCOUNTING EXAM STUDY GUIDE
T- Accounts
Financial
Double- Entry
Prepaid Expenses
A formatting system used to setup and maintain accounts balan…
A subsection of the general field of accounting that focuses…
The accounting system that requires every business transactio…
Expenditures paid and recorded before actually occurring.
T- Accounts
A formatting system used to setup and maintain accounts balan…
Financial
A subsection of the general field of accounting that focuses…
75 terms
Accounting 301 Study Guide
Objective of financial reporting
Accrual accounting
Cash Basis Accounting
Security and Exchange Commission
Provide financial information about the reporting entity that…
Required under GAAP. It is the measurement of revenues and ex…
Measurement of cash receipts and cash payments from transacti…
Have the authority to set the accounting standards for compan…
Objective of financial reporting
Provide financial information about the reporting entity that…
Accrual accounting
Required under GAAP. It is the measurement of revenues and ex…
17 terms
Accounting CH.10 Review Guide
Name all the investments that are both…
Name all the investments that are Debit
Name all the investments that are Equity
What is the cost method
Trading and available for sale
Held-to-Maturity investments
Significant interest & Controlling interest
Ownership of equity securities less that 20%
Name all the investments that are both…
Trading and available for sale
Name all the investments that are Debit
Held-to-Maturity investments
56 terms
Accounting Guide - Basic
Walk me through the 3 financial statem…
Can you give examples of major line it…
How do the 3 statements link together?
If I were stranded on a desert island…
The 3 major financial statements are the Income Statement, Ba…
Income Statement: Revenue; Cost of Goods Sold; SG&A (Selling,…
Net Income from I/S becomes top line of CFS... Cash from the bo…
You would use the Cash Flow Statement because it gives a true…
Walk me through the 3 financial statem…
The 3 major financial statements are the Income Statement, Ba…
Can you give examples of major line it…
Income Statement: Revenue; Cost of Goods Sold; SG&A (Selling,…
30 terms
Accounting Study Guide 2
Chart of Accounts
Credit
Debit
Normal Balance
A list of accounts used by a business
An amount recorded on the right side of a T account
An amount recorded on the left side of a T account
The side of the account that is increased
Chart of Accounts
A list of accounts used by a business
Credit
An amount recorded on the right side of a T account
1 of 10