Balance Sheets
What are the titles of the three sections of a balance sheet?
Assets, Liabilities, Equity
"Merchandise Inventory, Jan. 1, 20--" is also referred to as:
Beginning Inventory
This vocabulary term refers to the price of one share of stock
Par Value
Would the issuance of stock / bonds bring positive or negative cash flow to a business?
Positive
What is the order in which we learned the three major financial statements so far this year?
Income Statement, Statement of Stockholders' Equity, Balance Sheet
True or False: The balance sheet provides a real-time snapshot of a company’s financial health, showing revenue and expenses at a specific point in time
False
Where do we obtain all numbers needed to complete an income statement? (one answer)
Adjusted Trial Balance
What effect will a net profit have on retained earnings?
Retained earnings will increase
What is the longest section of a Cash Flow Statement?
Operating Activities
The accounting equation is used on which major financial statement for a business?
Balance Sheet
Where do we obtain all numbers needed to complete a corporate balance sheet? (two answers)
Adjusted Trial Balance & Statement of Stockholders' Equity
What is our formula for net sales?
Sales - Sales Discounts - Sales Returns and Allowances
At the beginning of the year, Company ABC had already issued 5,000 shares of stock. During the year, they issued another 1,000 shares of stock. Therefore at the end of the year, what is total value of all issued stock if the par value is $10.00?
$60,000
What are the three sections of a Cash Flow Statement?(MUST BE IN THE CORRECT ORDER FROM TOP TO BOTTOM)
Operating Activities, Investing Activities, Financing Activities
______ are the percentage of a company's earnings that is paid to its shareholders as their share of the profits.
Dividends
What are the two sections of assets on a corporate balance sheet?
Current Assets & Plant Assets
Net Sales - COMS = ??
Gross Profit
Where do we obtain all numbers needed to complete a Statement of Stockholders' Equity? (two answers)
Adjusted Trial Balance & Income Statement
What is name of the method we learned to complete the operating activities section of the cash flow statement within our modules?
Direct Method
What account for a business remains unused until the closing entries process?
Income Summary
What type of account is associated with an asset and is used to deduct the book value of that asset?
Contra Account
What are the titles of the four sections of an income statement?
Operating Revenue, Cost of Merchandise Sold, Gross Profit, Expenses (Direct or Indirect)
What are the titles of the two primary sections on a Statement of Stockholders' Equity?
Capital Stock & Retained Earnings
On our playbooks / modules, what was being purchased / sold within the investing activities section of our Cash Flow Statement?
Equipment
We watched a QuickBooks tutorial video on how to connect third party apps to your books, and later demonstrated which menu to go through to do so. Which app was used as an example in the tutorial video we watched?
PayPal