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17 Cards in this Set
- Front
- Back
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The four basic types of financial statements
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Income Statement
Statement of Owner's Equity Balance Sheet Statement of Cash Flows |
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The three major categories of tangible assets?
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Current, PP&E (a.k.a "Fixed"), and Long-Term Investments
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Another term for owner's equity?
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Net assets (i.e. assets - liabilities)
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How is Net Income or Loss calculated?
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Revenues - expenses
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What is Owners Equity?
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Amt owed to owner(s) by the company
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Which side of T account for increases in Assets?
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Debit
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Which side of T account for increases in Expenses?
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Debit
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Which side of T account for increases in Liabilities?
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Credit
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Which side of T account for increases in Revenues?
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Credit
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In what account does an advanced customer payment go until work is performed? Is this acct debited or credited?
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"Unearned revenue." It gets credited because it is a liability.
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Purpose of trial balance?
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To verify (at end of acctng period) that the total of all accts with debit balances equal the total of all accts with credit balances. Trial bal's are prepared both before and after making adjusting entries.
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The five categories of adjusting entries?
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Accrued revenues
Accrued expenses Unearned revenues Prepaid expenses Depreciation |
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What kind of asset is never depreciated?
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Land
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What is book value?
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The portion of an asset's cost that has not been written off to expense.
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What are the three categories of cash exchanges in the Statement of Cash Flows?
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Operating, Investing, Financing
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What are the various state fund types?
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[insert from Sect II P II 39-60]
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What are the three parts of a PAR?
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MD&A (Mgmt Disc and Anal)
APR (Annual Perf Rpt) Audited Financial Statements |
