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10 Cards in this Set
- Front
- Back
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Statement of retained earnings is... |
a formal statement showing changes in retained earnings during the accounting period. |
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The statement of retained earnings is the link between the _______ _________ and the _________ _______. |
income statement, balance sheet |
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The statement of retained earning is calculated with.... |
Retained earnings the beginning of period + Net income or - (loss) - Dividends declared - Accounting prior period adjustment = Retained earnings at the end of period (closes accounts) |
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Income Statement include _____ and ______. |
revenue, expenses |
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Net Income Loss |
= Revenues - Expenses |
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Income Statement formula |
Revenue - Expenses = Net Income |
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Uniform System of Accounts (USALI) |
Standardized accounting systems A turnkey for new entrants Allows for easy comparison For use of orgs. any size |
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USALI Income Statement Format |
Revenue - Direct Operating Expenses = Total Departmental Income - Undistributed Operating Expenses = Gross Operating Profit - management Fees - Fixed Charges (Non-operating Expenses) = Net Operating Income (EBITDA) - Depreciation and Amortization Expense - Interest Expense = Income Before Income Taxes - Income Taxes = Net Income |
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Cost of Goods Sold |
beginning inventory + the cost of goods purchased or manufactured = cost of goods available – ending inventory. |
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Cost of goods sold is a(n) ___________ __________. |
Operating Expense |
