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12 Cards in this Set
- Front
- Back
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Interest |
Principle*rate*(# months|days/12|360) |
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maturity value |
Principle+Interest |
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Discounting notes payable |
Calculate interest Principle - interest=cash |
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Discounting notes receivable |
Determine maturity value Calculate number of days in discount period Compute discount by bank Discount = maturity value * discount *(discount period) Proceeds = maturity value - discount |
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First in - first out |
Assumes first inventory brought in is first sold |
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Last in first out |
Assumes last inventory in is first sold |
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Average method |
Averages costs of goods sold to determine remaining ending inventory |
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Bok value |
Cost - depreciation |
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Straight line depreciation |
Depreciable cost/useful life |
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Double declining balance |
Book value * (2/useful life) |
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Sum of the years digits |
Add years (# years remaining/ Sum of years )*depreciable cost |
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Units of production |
(Depreciable cost/ total units)*Units used |
