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Details Title: Accounting Midterm Description: ways to remember acct relationships Total Flash Cards: 25 Created: 10/24/2004 13:37:40	To study from this set of flash cards, or to create your own your own study flash cards, register HERE. If you are already a registered user, CLICK HERE.
Cards Term Total Equity= Definition Net Income + Stock Issuances - Dividends Term Net Write-Offs = Definition Bad Debt Expenses - Change in Allowances Term Collections = Definition Sales - Change in A/R - Net Write-offs Term Change in Net A/R = Definition Gross A/R - BDE + Net Write-offs Term % of completion total income * percentage of completion = Definition Project Price - Est Total Cost * Percentage of Completion Term Net Book Value = Definition Proceeds of sale +- gain/loss Term Net Book Value (of item sold) = Definition Proceeds of sale =- gain/loss Term Gross Book Value = Definition Net Book Value + Depreciation Term Payments to suppliers = Definition COGS + change in Inventory - Accounts Payable Term Gross A/R is what... Definition ...customers owe. Term Net A/R is how much... Definition ...the company expects to collect. Term Dividend Declared = Definition EB (div declared) - BB (div declared) + Dividend Paid Term Retained Earnings = Definition Net Income - Dividends Declared Term EB for PP&E = Definition BB for PP&E + PP&E purchased with cash + PP&E purchased in non-cash - PP&E sold Term EB for PP&E = Definition BB for PP&E + PP&E purchased with cash + PP&E purchased in non-cash - PP&E sold Term Net A/R / Gross A/R = Definition Percentage of Collectibles Term What must you adjust for CASH OUTFLOWS on SCF? Definition -Depreciation -BDE +change in Inv +change in Prepaid Exp -change in A/P -change in Accrued Exp Term Change in Stockholders Equity = Definition Net erns (losses) +Proceeds from stock options -Treasury Stock -Dividends Term Finished Goods (EB) = Definition Finished Goods (BB) + COGM - COGS Term Works in Progress (EB) = Definition WIP (BB) + Prod Costs - COGM Term Accumulated Depreciation = Definition Historical Cost - Salvage Cost/Period Used Term CIP = Definition Cost + Income Term What happens when you recognize a BDE? Definition Current assets (ADA) go up; R/E goes down; BDE goes up on the I/S Term What happens when a firm purchases Treasury Stock? Definition Current Assets (Cash) goes down, Treasury Stock goes up; Cash from Financing goes down Term What happens when a firm writes off an amount fron A/R? Definition A/R go down and allowances go up -- no other effect