Financial Accounting
These are items owned that have monetary value
What are Assets?
This is the Total Cost formula
Total Fixed Cost + (Variable Cost per Unit * Number of Units)
This is the current value of a future sum of money or stream of cash flows given a specified rate of return.
What is the present value
You can find functions under this tab on the home ribbon
What is the Formulas tab?
When is Professor Shackell's birthday?
March 26th
Happy Birthday!!
This is the basic accounting equation
What is Assets = Liabilities + Equity?
List the 3 product costs in managerial accounting
1) Direct Materials
2) Direct Labor
3) Manufacturing Overhead
BONUS (2x points): What's included in Manufacturing Overhead
List 3 necessary parts of calculating the present value of a bond
1) Rate (r)
2) Maturity (n)
3) Future Value (FV)
4) Coupon Payment (PMT)
1) Normal
2) Page Layout
3) Page Break Preview
This is the formula to calculate Cost of Goods Sold (COGS)
Beginning Inventory
+ Purchases during the period
- Ending Inventory
= COGS
List at least 3 business types
1) Sole Proprietorship
2) Partnership
3) Limited Liability Company (LLC)
4) Corporation
5) S-Corporation
6) C-Corporation
What's the difference between a Fixed cost and a Variable cost?
Fixed costs are expenses that remain the same no matter how many units a company produces (ex: Rent, supervisor's salary, etc.)
Variable costs are any expenses that change based on how many units a company produces (Ex: Labor wages, supplies used in production, etc.)
What is the difference between an "Annuity Due" and an "Ordinary Annuity"
Ordinary annuity occurs at the end of the period
Annuity due occurs at the beginning of the period
Which of the following is an absolute cell reference?
A) $A$2
B) A2:B6
C) A:2
D) $A2
A) $A$2
BONUS(2x points): What would be an example of a MIXED reference?
These are journal entries made at the end of an accounting period
What are Adjusting Entries?
List 3 types of accounts that increase with a Debit
Assets
Expenses
Dividends
What does the Contribution Margin format Income Statement look like
Revenue
- Variable Cost
Contribution Margin
- Fixed Cost
Net Operating Income
This is when an investor can exchange the bond for shares of the company that issued the bond at any time they want
What is a Convertible bond?
BONUS(2x points): Define this type of bond as well - This is when the issuer has the right to buy back the bond before the maturity
You use this feature in excel to create rules that determine the format of cells based on their values
What is conditional formatting?
List 4 different types of charts that you can create in Excel
1) Bar/Column
2) Line/Area
3) Scatter/Bubble
4) Pie/Doughnut
5) Waterfall/Funnel/Stock/Surface/Radar
6) Hierarchy
7) Statistic
8) Combo
List these 4 types of financial statements
1) Balance Sheet
2) Statement of Cash Flows
3) Statement of Retained Earnings
4) Income Statement
BONUS (2x points): How do they flow?
This represents the level of units sold where total revenue equals total costs, resulting in neither profit nor loss. (i.e. the minimum threshold of sales necessary for a company to cover its expenses.)
What is the break-even point?
This is a financial metric used to evaluate the profitability of an investment relative to its cost
What is ROI?
This feature of excel is used to summarize, sort, reorganise, group, count, total or average data stored in a table
What is a PivotTable?
(Also acceptable: PivotChart)
This is a long-term resource that is not expected to converted into cash in the next year.
What is a Fixed Asset?