Acronyms Anonymous
Balancing Act
Balance Below
Income Matters
Keep it Flowing
100
COGS
What is Cost of Goods Sold?
100
This current asset is likely to be the first asset listed on a Balance Sheet.
What is Cash (or Cash and Equivalents)?
100
This corporate obligation is created when vendors and suppliers extend short-term credit.
What is Accounts Payable?
100
This is usually the first financial account seen on an Income Statement and it represents the results of the operations of the company.
What is Sales (or Net Sales)?
100
The first of three categories on a Statement of Cash Flows.
What is Cash Flows from Operating Activities?
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 (or Accounts Receivable)?
200
When money is received from customers for orders that have not yet been completed this liability category is created.
What is the account Customer Advances?
200
Direct costs for producing inventory sold in the business.
What is Cost of Goods Sold?
200
The sale or purchase of fixed assets would be reflected in this section of the Statement of Cash Flows.
What is Cash Flows from Investing Activities?
300
LIFO
What is Last-in First-out inventory.
300
This current asset represents product that is ready to be sold to customers.
What is Finished Goods Inventory?
300
This account records obligations to government agencies for a portion of earnings generated that have not yet been paid to the agencies.
What is the account Income Taxes Payable?
300
The difference between Sales and Cost of Goods Sold.
What is Gross Income (or Gross Profit)?
300
Long-term borrowing, paying off debt, sale of stock or payment of dividends would all be highlighted in this section of the Statement of Cash Flows.
What is Cash Flow from Financing Activities?
400
SG&A
What is the abbreviation for Selling, General & Administrative costs?
400
These corporate assets are usually held for a long time and are considered "fixed."
What is Property, Plant and Equipment?
400
Revenue that has accumulated from business operations is reported by this account name.
What is Retained Earnings?
400
These expenses are sometimes also referred to as "overhead."
What are Selling, General and Administrative Expenses?
400
This results from combining the income from all subsidiary companies and eliminating inter-company sales.
What is Consolidated Operating Income?
500
A = L + E
What is the abbreviation for Assets equals Liabilities plus Equity (the Accounting Equation)?
500
These assets are not physical in nature but do represent value to the company.
What are Intangible Assets and/or Goodwill?
500
We're looking for a two part question here; these accounts are used to record financing from the regular owners of the company.
What is Common Stock and Additional Paid-in Capital?
500
A term used to describe the final amount of income or loss shown on an Income (or Profit & Loss) Statement.
What is the Bottom Line?
500
An enjoyable way to spend the work day on the second Wednesday in March.
What is being on a beach in a tropical climate... or, participating in the Finance Skills Workshop?
M
e
n
u