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9 Cards in this Set
- Front
- Back
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define Revenues |
increases in assets or settlements of liabilities from PRIMARY activities
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define Expenses & entry to be made |
decreases from PRIMARY activities
expense XX Cash/AP XX |
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when is a Gain/Loss incurred? |
from incidental activities |
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show multi-step IS |
Sales - COGS = GP
- Operating Exp (Selling Gen & Admin exp) +/- other income/expenses (i.e. interest, equity) = Income from continuing operations before tax
- Income Tax =income from continuing operations
+/- Discontinued Operations +/- Extraordinary Operations =net income |
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what is NOT included in Selling Gen & Admin costs? |
Freight-Out (distribution cost) Sales Salaries (promotional cost) Interest |
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in a single-step IS, Revenue = ..... |
Revenue = Sales Rev + Interest Rev + Gain on Sale |
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items that are EITHER unusual or infrequent... |
reported as components of income from operations; NOT net of income taxes |
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items that are BOTH unusual AND infrequent... |
reported separately from continuing operations |
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Selling Expenses include... |
-advertising -freight-out -rent -sales salaries |
