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29 Cards in this Set

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2 entries for insurance
prepaid insurance
cash

insurance expesne
prepaid insurance
income statement equation
revenues-expenses=net income (loss)
period cost vs product cost
expenses vs expenses directly associated with manufacturing a product
direct write off vs allowance method
direct- write off bad debt when you find it bad

allowande- take estiamte of what you think is going to become bad debt
2 entries for bad debt expense
bad debt expense
allowance for uncollectible accounts

allowance for uncollectible accounts
cash
ending inventory equation
BY Inventory
+ purchases
-----------
goods available
-CGS
-----------
EY inventory
which method does not factor in salavage value
declining balance
entry for selling stock
debit cash
credit common stock/APIC
stockholders equity in a firm can be defined as a
residual interest
assets measure
economic resources
under accrual method, timing of revenue recognition is influenced by
when the services or product are provided
property, plant, equiptment refers to
tangible, long lived assets used in a firms operations over a period of years and generally not aquired for sale
revenues measure
inflow of assets from selling good and proving services to customers

reduction of leabilities from selling goods and provind services to customers
a source of cash
decrease in accounts recievable
SOCF provides info about
the relationship between operations and liquidity of a firm
for us companies, how do gaap and income tax reporting compare of their traetment of uncollectible accounts
gaap, income tax reporting require differnt treatmetns of uncollectible accounts
if balance sheet shows same beggining and ebdning balance foe depreciable assets...
there may have been investing activities
revenues measure
inflow of assets from selling good and proving services to customers

reduction of leabilities from selling goods and provind services to customers
a source of cash
decrease in accounts recievable
SOCF provides info about
the relationship between operations and liquidity of a firm
for us companies, how do gaap and income tax reporting compare of their traetment of uncollectible accounts
gaap, income tax reporting require differnt treatmetns of uncollectible accounts
if balance sheet shows same beggining and ebdning balance foe depreciable assets...
there may have been investing activities
recording bad debt...
decreases income
statement of cash flows intends to help finanicial users of financial statements
evaluate liqudity, solvency and financial flexibility of a firm
intangible assets are only capitalized when
they are purchased via arms length transaction
expendiure for repair and maintencence should be capitalized when
it extends the life of the asset
perpetual inventory system
record increase in cost of sales and reduction in inventory when sale occurs
which interest costs do you capatilize towards a building when constructing it
building interest cots incurred during construction
is goodwill an asset
no