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Accounting Midterm
ways to remember acct relationships
25
Accounting
Not Applicable
10/24/2004

Additional Accounting Flashcards

 


 

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
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