Created by smjackson7
about 10 years ago
|
||
Copied by smjackson7
about 10 years ago
|
||
Question | Answer |
Net Income (NI) = | (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 |
Want to create your own Flashcards for free with GoConqr? Learn more.