529503
Description
Flashcards by smjackson7, updated more than 1 year ago
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Created by smjackson7
almost 12 years ago
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| Question | Answer |
| Net Income (NI) = HINT: (This + that - This + That) | (Rev + Gains) - (Exp. + Losses) |
| What is on the Balance Sheet (BS)? | Assets, Liabilities & SE |
| What is on the Statement of Retained Earnings (RE)? | Beg. RE + NI - Dividends Ending RE |
| What is on the Income Statement (IS) | Rev. - Cost & Expenses = NI |
| Total Assets = | Total Liabilities + Equity (SE) |
| What is on the Statement of Cash Flows? | Cash Flows from Operating, Investing & Financing Activities |
| Inv. E = | Purchases - COGS |
| Re E = | Re B + NI - Dividends |
| Total OE = | Contributed Capital (CC) RE Other Comprehensive Income (OCI) |
| Total Assets = | Current + Noncurrent Assets |
| Total Liabilities = | Current + Noncurrent Liabilities |
| Cutoff for a Liability to be considered Current | 1 year |
| Contributed Capital (CC) = | Common Stock (par value) + Addition Paid-In Capital |
| Cash appears on which Statement AS: | Balance Sheet Asset |
| Accounts Payable (AP) on as: | Balance Sheet (BS) Liability |
| Buildings as: | BS Asset |
| AR as: | BS Asset |
| Commissions Earned as: | Income Statement (IS) Rev. |
| Common Stock (CS) as: | BS Owner's Equity (OE) |
| Dividends as: | Statement of RE |
| Insurance Expense as: | Income Statement (IS) Expense |
| Land as: | BS Asset |
| Note Payable as: | BS Liability |
| Rent Expense as: | Income Statement (IS) Expense |
| Retained Earnings *beg of period* | Statement of RE OE |
| Salaries Expense | Income Statement (IS) Expense |
| Supplies as: | BS Asset |
| What are the 4 types under the Asset on a Classified Balance Sheet? | Current Assets, PP&E, Investments & Intangibles |
| What are the (2) types of liabilities listed within the Classified Balance Sheet? | Current & Noncurrent |
| Name the main items listed on the Single Step Income Statement. | Revenue, Expenses, Total Expenses, Net Income Before Taxes, Income Tax Expense (if accounted for) & Net Income. |
| What is on the Statement of Retained Earnings? 5 Lines! | Retained Earnings (Beg. Balance), Net Income (NI), Subtotal, Less: Dividends Retained Earnings (Ending Balance) |
| (Equation) Total Assets = This + That | Total Liabilities + Total Owners' Equity |
| (Equation) Total Assets (2 subtotals) | Current Assets + Noncurrent Assets |
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