Accounting

Question 0

Liabilities

Answer 0

Firms debt and obligations

Question 1

Assets

Answer 1

The resources that a business owns

Question 2

Owners equity

Answer 2

The difference between the firms assets and it’s liability

Question 3

Formula for owners equity?

Answer 3

OE= A-L

Question 4

Double entry bookkeeping system

Answer 4

A system in which each financial transaction is recorded as two separate accounting entries to maintain the balance shown in the accounting equation

Question 5

Annual report

Answer 5

A report distributed to stockholders and other interested parties that describes a friend operating activities in this financial condition

Question 6

Trial balance

Answer 6

Summary of the balances of all general ledger accounts at the end of the accounting.

Question 7

Formula for asset?

Answer 7

A=L+OE

Question 8

what should your total liabilities and owners equity equal?

Answer 8

Assets

Question 9

Fixed asset

Answer 9

Assets that will be held or used for. Longer than one year

Question 10

Deappreciation

Answer 10

The process of apportioning the cost of a fixed asset over the period during which it will be used

Question 11

Intangible assets

Answer 11

Assets of that do not exist physically but that have a value based on the rights or privileges they confirmed on a firm

Question 12

Current liabilities

Answer 12

Debts that will be repaid in one year or less

Question 13

Long-term liabilities

Answer 13

That’s the need not be repaid for at least one year

Question 14

Retained earnings

Answer 14

The portion of the business profits not distributed to stockholders

Question 15

Income statement

Answer 15

A summary of the firms revenues and expenses doing a specified accounting period

Question 16

Revenue

Answer 16

The dollar amount of money by a friend from selling goods providing service Or performing business activity

Question 17

Where would you find the total amount of assets liabilities and owners equity for Hershey Foods Corporation?

Answer 17

The firms balance sheet

Question 18

Gross sale

Answer 18

The total dollar amount of all goods and services sold during the accounting period

Question 19

What is the formula for cost of goods sold?

Answer 19

Beginning inventory + net purchases - ending inventory

Question 20

Net sale

Answer 20

The actual dollar amounts received by firm for the good and services it has sold after adjustment for returns allowances and discounts

Question 21

Cost of goods sold

Answer 21

The dollar amount equal to beginning inventory plus the net expenses less ending inventory

Question 22

Gross profit

Answer 22

Firms net sales less the cost of goods sold

Question 23

Operating expenses

Answer 23

All business calls other than the cost of goods sold

Question 24

Net income

Answer 24

Occurs when revenues exceed expenses

Question 25

Net loss

Answer 25

Occurs when expenses exceed revenues

Question 26

Statement of cash flow

Answer 26

A statement that illustrates how the operating investing and financing activities of a company effect cash during in accounting period

Question 27

Profitability ratio

Answer 27

What you get divided by what you invested

Question 28

What is ROI?

Answer 28

Return on investment

Question 29

Return on sales

Answer 29

No income after taxes divided by net sales

Question 30

Return on owner’s equity?

Answer 30

No income after taxes divided by owners equity

Question 31

Earnings per-share?

Answer 31

The income after taxes divided by common stock shares outstanding