What are the three sections of the Statement of Cash Flows?
100
Assets = Liabilities + Equity
What is the Accounting Equation?
100
The range of volume where total fixed costs remain constant and the variable cost per unit remain constant.
What is the Relevant Range?
200
A company in Indiana experiences an earthquake which is both unusual and infrequent in Indiana. Losses arising from this event would be recording in this section of the Income Statement.
What are Extraordinary Items?
200
The claim of a corporation's owners to the assets of the business.
What is Stockholders' Equity?
200
This method starts with net income and adjusts it to net cash provided by operating activities.
What is the Indirect Method?
200
Money remitted to shareholders based on their percentage of ownership
What are Dividends?
200
The sales level at which operating income is zero.
What is the Breakeven Point?
300
All public companies are required to report this most widely used business statistic on the Income Statement.
What are Earnings per Share?
300
Retained Earnings $xxxx
Dividends Payable xxxx
What is the journal entry to record dividends declared?
300
Interest paid is reported in this section of the Statement of Cash Flows.
What is the Operating Activities section?
300
Stock that the company repurchases.
What is Treasury Stock?
300
Four step method for separating fixed and variable costs.
What is The High-Low Method?
400
When preparing a vertical analysis of an Income Statement this account is used as the denominator.
What is Total Revenue?
400
An account that always has a companion account and whose normal balance is opposite that of the companion account.
What is a Contra Account?
400
Net cash provided by operating activities - Cash payments planned for investments in long-term assets = ?
What is Free Cash Flow?
400
The process of making capital investment decisions.
What is Capital Budgeting?
400
Sales Revenue - Variable Costs = ?
What is Contribution Margin?
500
Keeping this thought in mind will help you in figuring out whether to credit or debit an Income Statement account.
What is "Take CREDIT for the good things"?
500
Keeping this word in mind will aid you in determining whether to debit or credit a Balance Sheet account.
What is AID?
"Assets
Increase with
Debits"
500
Although preferred by the FASB, this method is seldom used to prepare the Statement of Cash Flows?
What is the Direct Method?
500
A costing system that starts with output completed and then assigns manufacturing costs to units sold and to inventories.
What is Backflush Costing?
500
Target Sales in Dollars = ?
What is (Fixed Costs + Operating Income) / Contribution Margin Ratio?