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13 Cards in this Set
- Front
- Back
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Balance Sheet |
Assets = Liabilites + Owner's Equity (contributed capital, retained earnings) |
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Income Statement |
Revenue - Expenses = Net Income |
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Cash Flow |
Operating, Investing, Financing |
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Owner's Equity Statement |
Contributed Capital & Retained Earnings |
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Matching Principle |
Expenses recognized in same period as revenue |
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Revenue Recognition |
Revenue recognized when earned (not paid) |
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Allowance for uncollectables |
A contra-asset account that records the portion of a company's receivables, which it expects may not be collected. |
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Turnover Ratio |
A/R + t/o = ratio |
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Bank Reconciliation |
a process that explains the difference between the bank balance shown in an organization's bank statement, as supplied by the bank, and the corresponding amount shown in the organization's own [accounting] records at a particular point in time. BANK VS BOOK. |
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Current Ratio |
current assets/current liability |
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Within Year |
Current |
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More than One Year |
Noncurrent |
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Interest Formula |
I = P x R x T |
