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Accounting > Test 1 > Flashcards

Test 1 Flashcards

1
Q

Total Revenue

A

Income Statement (sales)

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2
Q

Accounts payable

A

Balance Sheet (liabilities)

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3
Q

cash and short term investments

A

Balance Sheet (assets)

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4
Q

cash flows from operating activities

A

Statement of Cash Flows (1st)

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5
Q

other current liabilities

A

Balance Sheet (liabilities)

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6
Q

inventories

A

Balance Sheet (assets)

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7
Q

costs of goods sold

A

Income Statement

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8
Q

cash flows for investing activities

A

Statement of Cash Flows (second)

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9
Q

retained earnings

A

Balance Sheet (equity)

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10
Q

income tax expense

A

Income Statement (tax)

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11
Q

operating expenses (other than cogs)

A

Income Statement (operating expense)

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12
Q

cash flows for financing activities

A

Statement of Cash Flows (third)

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13
Q

other current assets

A

Balance Sheet (assets)

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14
Q

accrued expenses

A

Balance Sheet (Liability)

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15
Q

other stockholders equity

A

Balance Sheet (Equity)

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16
Q

accounts receivable

A

Balance Sheet (assets)

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17
Q

long term liabilities

A

Balance Sheet (liability)

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18
Q

cash at beginning of year

A

Statement of cash flow

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19
Q

other long term assets

A

Balance Sheet (assets)

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20
Q

other income

A

Income Statement

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21
Q

property, plant, equipment, net

A

Balance Sheet (assets)

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22
Q

common stock and paid-in capital

A

Balance Sheet (equity)

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23
Q

Cash assets

A

balance sheet (assets) & statement of cash flow

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24
Q

expenses

A

income statement

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25
Q

noncash assets

A

balance sheet

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26
Q

contributed capital

A

statement of stockholder equity & balance sheet (equity)

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27
Q

cash outflow for capital expenditures

A

statement of cash flow

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28
Q

retained earnings

A

balance sheet (equity) & statement of stockholder equity

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29
Q

cash inflow

A

statement of cash flow & statement of shareholder equity

30
Q

cash outflow for dividends

A

statement of cash flow and statement of shareholder equity

31
Q

revenue

A

income statement

32
Q

net income

A

income statement

33
Q

retained earning

A

balance sheet (equity)& statement of stockholder equity

34
Q

depreciation expense

A

income statement

35
Q

accumulated depreciation

A

balance sheet (liability)

36
Q

wages expense

A

Income statement

37
Q

wages payable

A

balance sheet (liability)

38
Q

interest expense

A

income statement

39
Q

interest payable

A

balance sheet (liability)

40
Q

sales

A

income statement

41
Q

Order of statement prep

A

Income statement, shareholder equity, balance sheet, cash flow.

42
Q

Manufacturing a product

A

Operating

43
Q

selling services

A

operating

44
Q

hire and train employees

A

operating

45
Q

after sale support

A

operating

46
Q

acquiring land

A

investing

47
Q

constructing mfg. facilities

A

investing

48
Q

gain control of supplier

A

investing

49
Q

issuing stock

A

financing

50
Q

repaying a mortgage

A

financing

51
Q

entering a bank loan

A

financing

52
Q

Order of financial statements

A

income statement, shareholder equity, balance sheet, cash flow.

53
Q

Cash flow order

A

cash generated from operating activities(core business), cash from investing activities (outside of core business), cash used for financing (raising, borrowing, repaying), net change in cash, cash balance beginning, cash balance end of year.

54
Q

Balance sheet formula

A

Assets=Liabilities+Equity

55
Q

Equity is split up between

A

contributed capital, earned capital.

56
Q

earned capital is split up between

A

dividends, net income.

57
Q

What are long term assets?

A

won’t turn into cash in 12 months.

58
Q

examples of long term assets

A

buildings, plants, goodwill.

59
Q

examples of current assets

A

cash/cash equivalents.

60
Q

what are current assets?

A

can turn into cash in 12 months.

61
Q

current liabilities

A

paid in next 12 months.

62
Q

examples of current liabilities

A

accounts payable, accrued liabilities, unearned revenue.

63
Q

What makes up columns in statement of shareholder equity?

A

common stock, additional paid in capital, retained earnings, accumulated income, total equity.

64
Q

what makes up rows in statement of shareholder equity?

A

Balance from last year, net income, less dividends, issuance of common stock, repurchase of common stock, new balance.

65
Q

Accounting cycle

A

gather information in journals, make adjustments, financial statements, close the books.

66
Q

What is the general ledger?

A

Information from individual journals (sales journal, cash receipts, purchases)

67
Q

Income statement order

A

revenue, sales fees. Cogs. gross profit. operating expense-salaries, rent, insurance. non operating income/expense. income tax. net income.

68
Q

book value

A

assets-liabilities

69
Q

market value

A

outstanding stocks X company stock price.

70
Q

accrual accounting

A

recognized when earned not when paid.

71
Q

common size

A

% not $.

Accounting (2 decks)

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