Balance Sheet
The definition of treasury stock.
What is a company’s own stock that it has bought back?
Are entries to add expenses such as Rent Expense debit or credit?
What is credit?
The three main segments of a Statement of Cash Flows.
What are:
Cash flows from operating activities,
Cash flows from financing activities,
Cash flows from investing activities?
The line that contains money earned in transactions during the period.
What is sales/revenue?
All of the continents.
What are North America, South America, Africa, Antarctica, Australia (Oceania), Europe, and Asia?
Assets are usually reported at their book value, a value that usually changes every year, depending on their depreciation method. This is the definition of book value.
What is original cost less accumulated depreciation
What happens on the income statement if inventory goes up by $10.
What is nothing? This is a trick question. The only impact will be on the balance sheet and cash flow statement.
The purchase of a new delivery truck to be used in the business. One of the following will be effected:
1.Operating Activities
2. Investing Activities
3. Financing Activities
4. Supplemental
What is Investing Activities? The new delivery truck to be used in the business is a long-term asset. Changes in long-term assets are shown in the investing activities section of the statement of cash flows. The purchase of a delivery truck will cause a decrease in cash from investing activities.
The line item where one would reflect the cost of purchasing a machine used in good production.
What is depreciation expense?
CFR's president in spring 2017 and the company he/she works at.
Who is Gwen Shi and Bank of America?
[T/F] The balance sheet for the end of the fiscal year of 2018 is titled "Balance Sheet For the Year Ended 2018".
What is false? The balance sheet reports amounts at a moment in time such as the last instant of an accounting period.
Under the accrual basis of accounting, this is when the expenses are reported in the accounting period.
What is if the expense matches the revenues or is used up?
Assuming these are the only facts, the amount the corporation will report as the Cash Provided by Operating Activities on the cash flow statement.
Net Income: $200,000
Depreciation expense: 30,000
Gain on sale of truck: 5,000
Proceeds from sale of truck: 8,000
Decrease in accounts receivable: 10,000
$235,000=
$200,000 + 30,000 - 5,000 + 10,000
The contra-account where one accounts for the built-up expenses of an asset.
What is accumulated depreciation?
[T/F] Brand equity is reflected on the financial statements.
What is true and intangible assets (balance sheet)?
ABC Co. follows the accrual basis of accounting and performs a service on account (on credit) in December. The service was billed at the agreed upon amount of $3,500. ABC Co. debited Accounts Receivable for $3,500 and credited Service Revenue for $3,500. The effect of this entry on the balance sheet of ABC is to increase assets by $3,500 and to?
What is Increase Owner's (Stockholders') Equity By $3,500? The credit to the income statement account Service Revenues will have the effect of increasing owner's/stockholders' equity.
[T/F] If a company's stock is publicly traded, it is a requirement that the earnings per share appear on the income statement.
What is true? The earnings per share must appear on the income statement if a corporation's stock is publicly traded.
The way you calculate a firm's free cash flows.
What is EBIT(1-t) + D&A - CapEx - change in working capital?
The line item where one would reflect a decrease in the value of an asset.
What is a write off?
What is the name of the great English scientist, who worked initially as an assistant to Sir Humphry Davy, and was then commemorated on the Bank of England's £20 note from 1991 to 2001?
It's Michael Faraday! A key figure in the development of electromagnetism and chemistry.