Accounting Terms
Financial Statements
Accurals
Miscellaneous
Ratios
100
Debit
What is the left side of a T account
100
First One
What is the Income Statement
100
Prepaid Expenses
What is an example of a deferral
100
Buyer pays the freight
What is FOB Shipping Point
100
Net Credit Sales/Average Net Receivables
What is the Receivable Turnover Ratio
200
Revenue
What is it called when you perform your service or sell your product
200
Proves the Accounting Equation
What is the Balance Sheet
200
Asset Cost less Salvage Value/Useful Life
What is straight line depreciation
200
FIFO
What is the inventory method where the first product in is the first product sold
200
Current Assets minus Current Liabilities
What is Working Capital
300
Liability
What I Owe
300
Net Loss
What is it called when Expenses are greater than Revenue
300
April 1, 2011 through March 31, 2012
What is a fiscal year
300
SOX
What is the abbreviation for the Sarbanes-Oxley Act
300
Net Income/Net Sales
What is Profit Margin
400
GAAP
What are Generally Accepted Accounting Principles
400
Snap shot in time
What is the Balance Sheet
400
Revenue Recognition and Matching Principle
What are the two accounting principles that require us to do accruals
400
Market Interest Rate = Contractual Interest Rate
What is the face value interest rate of a bond
400
Income before income taxes and interest expense/interest expense
What is Times Interest Earned
500
FASB
What is the Financial Accounting Standards Board
500
Companies Worth
What is the Stockholders Equity Section Balance
500
Proof the debits = credits are adjustments
What is an Adjusted Trial Balance
500
Authorized Stock Meaning
What is largest amount of stock that can be sold.
500
Net Income/Weighted-average common shares outstanding
What is Earnings Per Share (EPS)
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