Acc 301 test 1

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balance sheet format

Assets: Current Assets Long-term Investments PPE Intangible Liabilities & Shareholder's Equity: Current Liabilities Long-term Debt Stockholder's Equity

DEALOR

Dividends Expenses Assets Liabilities Owner's Equity Revenue

who develops accounting standards

FASB

net income equation

Revenues - Expenses = Net Income

what does SEC stand for

Securities and Exchange Commission

accounting equation

assets= liabilities equity

closing entries

bringing the balance to 0

current assets (5)

cash short-term investments accounts receivable inventory prepaid expenses

salvage value equation

cost- salvage value/ # of useful years

income summary

difference between revenue and expenses

intangibles (5)

goodwill patents trademark franchises copyright

goal of accounting

help users make rational decisions

relevance

info must be able to make a difference in the decision

the accounting cycle

journalization posting trial balance adjustments adjusted trial balance financial statements closing entries post-closing trial balance reversing entries

long term liabilities (3)

long term debt obligations capital lease deferred income taxes

earnings per share equation

net income - preferred dividends / weighted average common shares outstanding

if you sell an unrecognized gain or loss it will go to the ______

non-operating section

current liabilities (6)

notes payable accounts payable accrued compensation unearned revenue income tax payable current maturities LT debt

income statement format

operating section non operating section income tax irregular items net income earnings per share

types of adjusting entries (4)

prepayments: prepaid expenses unearned revenues accruals: accrued revenues accrued expenses

what does SEC do

regulates the market to prevent crashes

what are the two most fundamental qualities

relevance and faithful representation

temporary accounts

revenue, expenses, dividends, income summary

Multi-Step Income Statement

sales cost of goods sold operating expenses other gain/loss income taxes irregular items

long term investments (4)

securities tangible fixed assets special funds non consolidated funds

income statement

shows company's revenue for a period of time

balance sheet

snapshot of financial status to see what they owe and own

a liability is

something that is owed

liability

something the company owes to its creditors

how to calculate income tax

tax rate x income at end of non operating section

equity

the difference between assets and liabilities, ownership assets in the company

faithful representation

the numbers and descriptions have to match what actually happened

how many steps are in the accounting cycle

10


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