What type of account is Allowance for Doubtful Accounts? And what is the expense that goes with this account?
What is Contra Asset and Bad Debt expense
100
What is the formula for Receivables turnover ratio?
What is Net Sales Revenue/ Average Net Receivables
100
What do you do with ordinary repairs?
What is expense them
200
What is the difference between Merchandisers and Manufacturers?
What is Merchandisers buy and sell finished goods. Manufacturers buy raw materials and sell finished goods.
200
What is the formula for Net Accounts receivable?
What is Accounts receivable- Allowance for Doubtful Accounts
200
What is the formula for Days to Collect?
What is 365/ Receivables turnover ratio
200
What is the formula for book value?
What is Asset- accumulated depreciation
300
What are the three inventory costing methods?
What is Fifo, Lifo, and weighted average.
300
What is the transaction for a write-off?
What is Dr. Allowance for Doubtful Accounts
Cr. Accounts receivable
300
What is the Inventory turnover Ratio?
What is Cost of Goods Sold/ Average inventory
300
What do you do with extraordinary repairs/expenses?
What is capitalize them
400
True or False: you DO included consignment in the inventory?
What is False
400
What are the two methods for calculating bad debt expense? What are the benefits of each?
What is Percentage of credit sales(easier), and the aging method(more accurate).
400
What is the formula for Days to sell?
What is 365/ Inventory turnover ratio
400
What are the three depreciation methods?
What are: units of production, double declining balance, and straight line method.
500
What is the formula for the cost of goods sold?
What is Beginning Inventory+purchases=Cost of Goods Available for Sale-Ending Inventory= Cost of Goods sold
500
What is the interest formula?
What is Interest (I)= Principal(P)x Interest Rate(R)x Time(T)
500
What is the formula for Fixed Asset turnover ratio?
What is Net Revenue/ Average Net Fixed Assets
500
What are the formulas for the three depreciation methods?
What is SL: (cost-residual value)/useful life
uop: (Cost-residual value)x Actual production this period/estimateed total production
DD: (cost- residual value) x 2/useful life