Financial Statements, Equations/Ratios_1

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Accounting 101 Flashcards on Financial Statements, Equations/Ratios_1, created by smjackson7 on 06/02/2014.

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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