Equations & Diddies
I ask "my friend RON" about this financial statement
What is the Income Statement?
This financial statement draws its name from the accounting equation
What is the balance sheet?
The four transaction types
What are asset source, asset use, asset exchange, and claims exchange transactions?
Purchasing land with cash is this type of asset transaction
What is an asset exchange transaction?
The three core values of the Marine Corps
What is honor, courage, commitment?
In double-entry bookkeeping, this equation shows that a firm's total assets will always be offset by the claims on those assets
What is the Basic Accounting Equation?
Assets = Liabilities + Shareholder's Equity
A publicly traded company's financial statements can be located in this report
What is a Form 10-K?
The term when recognizing revenue when it is earned and expenses when they are incurred, usually before cash is exchanged
What is accrual basis accounting?
Paying dividends to shareholders is this type of transaction
What is an asset use transaction?
The current Superintendent graduated USNA in this year
When was 1991?
The diddie "OIF cost a lot of cash" helps me remember the types of activities listed on this financial statement
What is the Statement of Cash Flows?
This statement shows the changes in retained earnings for an accounting period
What is the Statement of Changes in Stockholder's Equity?
During the closing process this type of account is reconciled to show a zero balance
What is a temporary account?
John Paul Jones purchasing $2,027 of supplies on account is this type of transaction
What is an asset source transaction?
The commandant of Midshipmen played this sport while attending USNA
What is water polo?
The formula for calculating annual depreciation using the straight-line depreciation method
(Asset Cost - Salvage Value) / Useful Life
Assets are displayed on the balance sheet in this order
What is level of liquidity?
This type of account tracks financial results from year to year
What is a permanent account?
Recognizing accrued expense is this type of transaction
What is a claims exchange transaction?
USNA graduates were authorized to enter the Marine Corps beginning in this year
When was 1882?
The formula for calculating interest expense
(Principle x Rate) / Time
(Loan Amount x Rate) / Loan Period
This statement uses the "Matching Concept" to pair revenues with expenses
A legal document representing a credit agreement between a lender and a borrower. It specifies details such as interest date
What is a promissory note?
Mameluke Sword Co. collected $2,027 from its customers in partial settlement of its accounts receivable is this type of transaction
What is an asset exchange transaction?
The MOS code for Financial Management Officer
What is 3404?