G
(Generally)
(Generally)
What is the Accounting Cycle?
An eight-step process companies use to identify and record their financial transactions.
3 Golden Rules of Accounting.
Debit all expenses and losses Credit all incomes and Gains, Debit the receiver Credit the giver, Debit what comes in and Credit what goes out.
4 basic accounting sheets
Balance sheet, Income statement, Statement of cash flow, Statement of retained earnings
4 C's of accounting
Chart of Accounts
Calendar
Currency
Accounting Convention
Formula for ending cash balance
Adding the cash inflows to the beginning balance and then subtracting the cash outflows
What is G/L in accounting
General Ledger
What is AFR in accounting?
Annual Financial Report
What is the F's in accounting
Financial Statement
What is day-to-day accounting called?
Bookkeeping
What is AR payment?
Money owed to a business by it's customers for purchases made on credit
What is a GREY account
A platform that provides digital foreign accounts for digital nomads, remote workers, and freelancers
What is S & L's
Savings and loan association
What is prudence in accounting
Exercising caution when making Judgements under uncertain circumstances
5 basic accounting principals
Accrual Principal
Matching Principal
Historic cost Principal
Conservatism Principal
Principal of substance over form
What are The Big 4 accounting practices?
PwC,Deloitte, EY, KPMG
Federal Reserve: 5 major parts
Board Governors
Federal Open Market Committee (FOMC)
Twelve federal banks
Three advisory councils
Member banks of the system
Types of Security Markets
Primary Markets
Secondary Markets
Special Bond Features
Sinking Fund
Callable Bonds
Convertible Bonds
What is FDIC
Federal Deposit Insurance Corporation
Golden formula of accounting
Debit what comes in - Credit what goes out
Finance
The function in a business that acquires funds for the firm and manages those funds within the firm.
Alternative Sources of funds
Debt Financing
Equity Financing
Short-term Financing
Long-term Financing
Different forms of Short-term loans
Secured Loans
Unsecured Loans
Line of credit
What is a Stockbroker?
A registered representative who works as a market intermediary to buy and sell securities for clients.
Golden Account
Debit the receiver, Credit the giver