one
Accounting Equation
What is Assets = Liabilities + Equity
B.S.
What is the bs financial statement?
NB of Accumulated Depreciation
What is credit?
Wheels on the bus
First in First Out
What is FIFO?
Adding
What is normal balance?
Cash, A/R, Prepaid Accounts
What is an Asset?
Net Income/ Net Loss
What is Profit Margin?
FOB Shipping Point
What is charge to the buyer?
(Ending Inventory/ COGS) x 365
What is Days' Sales in Inventory?
Fraud Triangle
What is Opportunity, Rationalization, and Pressure
List of all accounts; sometimes organized by a #
What is Chart of Accounts?
Revenues are recorded when products or services are delivered, and records expenses when incurred
What is Accrual?
Temporary Account is closed to..
What is Income Summary
Number of times a company’s average inventory is sold during a period
What is Inventory/Merchandise Turnover?
GAAP
What is the ethical accounting standards
Total Liabilities/ Total Assets
What is Debt Ratio?
Businesses who make less than 25 milliion
What is Cash Accounting?
Closing Dividends takes what credit from Income Summary
What is Retained Earnings?
Method for estimating ending inventory based on the ratio of the amount of goods for sale at cost to the amount of goods for sale at retail
What is Retail Inventory Method