Acronyms/Formulas

Question 1

ASU

Answer 1

Accounting Standards Updates - Its how codifications are amended

Question 2

GAAP/FASB/SEC/AICPA

Answer 2

Generally accepted accounting principles/ Financial Accounting standards board / Securities and Exchange Commissions / American Institute of certified public accountants

Question 3

What is the formula for finding ending capital?

Answer 3

Beginning + investments + Income - drawings = Ending capital

Question 4

What is the formula for Cash Basis to Accrual Basis?

Answer 4

Change in Equity = Change in Assets - Change in Liabilities 
Increase in assets = add
increase in liabilities = subtract
Decrease in assets = subtract
Decrease in liabilities = Add

Question 5

What is the formula for Accrual Basis to Cash Basis?

Answer 5

Change in Cash = - Change in Other Assets + Change in liabilities 
increase in assets = subtract
increase in liabilities = Add
Decrease in assets = Add
Decrease in liabilities = subtract