Accounting

Net Sales

100

This equation solves for it: Revenue-(Credit Card Discounts+Sales Discounts+Sales Returns and Allowances)= ?

What is Net Sales?

200

Sales Discounts is this type of account.

What is a Contra-Revenue account?

300

This is the connotation for when a company receives a 3% discount for paying within 15 days, however if they do not take the discount, they must pay within 45 days.

What is 3/15, n/45?

400

This is why companies have a Credit Card Fee.

What is because companies must pay the credit card company a percentage of their Credit Sales for being allowed to have customers pay on that type of credit card?

500

Net Sales is this given the following information: Sales Revenue= $250,000, Sales Discounts= $35,000, Returns= $5,000, Selling, General, and Administrative Expenses= $25,000, Other Operating Expenses of $25,000, and Cost of Goods Sold= $60,000

What is $210,000?

BDE AND ADA

100

This method is used when looking at the percentage of uncollectability of Receivables within different periods of time.

What is the Aging Method?

200

This is the standard Journal Entry for recording Bad Debt Expense.

What is Debit: Bad Debt Expense, Credit: Allowance for Doubtful Accounts.

300

This is the standard Journal Entry for a write-off.

What is Debit: Allowance for Doubtful Accounts, Credit: Accounts Receivable?

400

Allowance for Doubtful Accounts is this type of account.

What is Contra-Receivable?

500

This is the Bad Debt Expense given the following information: Company A has Credit Sales of $10,000,000 and has predicted for this year that 90% of it will be collectible.

What is $1,000,000?

FIFO, LIFO, and WA

100

This is when the items most recently purchased are shipped before the items purchased in the past.

What is LIFO?

200

This is the connotation for when you ship a product and ownership changes once the customer opens the trailer.

What is FOB Destination?

300

This is how you find the Weighted Average Cost per unit.

What is (Cost of Goods Available for Sale)/(Number of Goods Available for Sale)?

400

This inventory method causes a lower Cost of Goods Sold in a time of decreasing prices.

What is LIFO?

500

This rule states that if a company uses this inventory method for taxes, they must use it on their public financial statements.

What is LIFO Conformity Rule?

COGS and Random

100

This is the formula to find Cost of Goods Sold.

What is Beg. Inventory + Purchases = Goods Available for Sale - Ending Inventory?

200

These are the 3 different types of inventory in a manufacturing company.

What are Raw Materials Inventory, Work in Process Inventory, and Finished Goods Inventory?

300

This is the formula for Net Realizable Value.

What is Accounts Receivable - Allowance for Doubtful Accounts?

400

This is the Purchases for the year given the following information: Cost of Goods Sold= $20,000, Ending inventory of the previous year= $15,000, and Ending Inventory of this year= $45,000

What is $50,000?

500

This is Cost of Goods Sold in units given this information: Beg. Inventory= 38,000, Ending Inventory= 10,000, and Purchases= 12,000.

What is 40,000?

Depreciation

100

These are the types of accounts that are depreciated.

What are Fixed Assets (Non-Current Assets)?

200

This is the formula for Straight Line Depreciation.

What is (Cost-Residual Value)/Useful Life in Years?

300

This is the standard Journal Entry for recording Depreciation Expense.

What is Debit: Depreciation Expense, Credit: Accumulated Depreciation?

400

This is the amount of money a company believes they can sell their equipment at once it reaches the end of its useful life.

What is Residual Value?

500

This is what happens to Depreciation Expense as time goes on using Double-Declining Balance.

What is decreases?