Net Sales
BDE AND ADA
FIFO, LIFO, and WA
COGS and Random
Depreciation
100
This equation solves for it: Revenue-(Credit Card Discounts+Sales Discounts+Sales Returns and Allowances)= ?
What is Net Sales?
100
This method is used when looking at the percentage of uncollectability of Receivables within different periods of time.
What is the Aging Method?
100
This is when the items most recently purchased are shipped before the items purchased in the past.
What is LIFO?
100
This is the formula to find Cost of Goods Sold.
What is Beg. Inventory + Purchases = Goods Available for Sale - Ending Inventory?
100
These are the types of accounts that are depreciated.
What are Fixed Assets (Non-Current Assets)?
200
Sales Discounts is this type of account.
What is a Contra-Revenue account?
200
This is the standard Journal Entry for recording Bad Debt Expense.
What is Debit: Bad Debt Expense, Credit: Allowance for Doubtful Accounts.
200
This is the connotation for when you ship a product and ownership changes once the customer opens the trailer.
What is FOB Destination?
200
These are the 3 different types of inventory in a manufacturing company.
What are Raw Materials Inventory, Work in Process Inventory, and Finished Goods Inventory?
200
This is the formula for Straight Line Depreciation.
What is (Cost-Residual Value)/Useful Life in Years?
300
This is the connotation for when a company receives a 3% discount for paying within 15 days, however if they do not take the discount, they must pay within 45 days.
What is 3/15, n/45?
300
This is the standard Journal Entry for a write-off.
What is Debit: Allowance for Doubtful Accounts, Credit: Accounts Receivable?
300
This is how you find the Weighted Average Cost per unit.
What is (Cost of Goods Available for Sale)/(Number of Goods Available for Sale)?
300
This is the formula for Net Realizable Value.
What is Accounts Receivable - Allowance for Doubtful Accounts?
300
This is the standard Journal Entry for recording Depreciation Expense.
What is Debit: Depreciation Expense, Credit: Accumulated Depreciation?
400
This is why companies have a Credit Card Fee.
What is because companies must pay the credit card company a percentage of their Credit Sales for being allowed to have customers pay on that type of credit card?
400
Allowance for Doubtful Accounts is this type of account.
What is Contra-Receivable?
400
This inventory method causes a lower Cost of Goods Sold in a time of decreasing prices.
What is LIFO?
400
This is the Purchases for the year given the following information: Cost of Goods Sold= $20,000, Ending inventory of the previous year= $15,000, and Ending Inventory of this year= $45,000
What is $50,000?
400
This is the amount of money a company believes they can sell their equipment at once it reaches the end of its useful life.
What is Residual Value?
500
Net Sales is this given the following information: Sales Revenue= $250,000, Sales Discounts= $35,000, Returns= $5,000, Selling, General, and Administrative Expenses= $25,000, Other Operating Expenses of $25,000, and Cost of Goods Sold= $60,000
What is $210,000?
500
This is the Bad Debt Expense given the following information: Company A has Credit Sales of $10,000,000 and has predicted for this year that 90% of it will be collectible.
What is $1,000,000?
500
This rule states that if a company uses this inventory method for taxes, they must use it on their public financial statements.
What is LIFO Conformity Rule?
500
This is Cost of Goods Sold in units given this information: Beg. Inventory= 38,000, Ending Inventory= 10,000, and Purchases= 12,000.
What is 40,000?
500
This is what happens to Depreciation Expense as time goes on using Double-Declining Balance.
What is decreases?
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