Acronyms Anonymous
Balancing Act
Anything Goes
Income Matters
General Accounting
100
COGS
What is Cost of Goods Sold?
100
This current asset is most likely listed first on the balance sheet.
What is cash or cash equivalents?
100
These assets are usually held for a long time and are considered "fixed"
What is PP&E?
100
What is a Profit & Loss / P&L?
What is another name for the income statement?
100
The language of business
What language is accounting often referred as?
200
GAAP
What is Generally Accepted Accounting Principles?
200
This current asset is created by selling goods and services to customers on credit
What are receivables?
200
When revenue is earned a company can do this.
What is revenue recognition?
200
= Gross Profit - Operating Expensees
What is operating income?
200
Internal Users
Who is the end user of managerial accounting activities?
300
LIFO
What is Last-In First-Out Inventory?
300
Liability
What is an obligation or debt referred to as on the balance sheet?
300
Through the Integrated Financial System
How are the income statement, statement of retained earnings and the balance sheet related to each other?
300
What is usually the largest expense for a non-service related company?
What is Cost of Goods Sold?
300
External Users
Who are the users of Financial Accounting activities?
400
SG&A
What is Selling, General & Administrative Costs?
400
Notes Receivable, Long Term investments in Stock and Bonds and Investments in Affiliate Companies.
What is an example of a Long Term Asset or Investment?
400
Costs of partially completed products - includes materials, labor and manufacturing overhead
What is Work-In-Process Inventory?
400
= Net sales - Cost of Good Sold
What is gross profit?
400
Salvage Value
What is the estimated value of an assets once a company no longer uses or needs it?
500
Assets = Liabilities + Equity
What is the Accounting equation?
500
Gives users an idea of the company's financial position at a single point in time along with what it owns and owes.
What is the purpose of the balance sheet?
500
Intangible assets
What kind of assets are copyrights and patents?
500
Adequate Disclosure
What is the accounting principle that refers to a company being required to report the details behind the financial statements?
500
Depreciation
What is the monetary value of an asset value decreasing over time due to wear and tear or obsolescence?
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