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Second Exam (ACCT)
Prep for the Matching Definitions Portion
12
Accounting
Undergraduate 1
10/13/2008

Additional Accounting Flashcards

 


 

Cards

Term
Current Asset
Definition
any asset which is expected to be converted to cash, sold, or expire within a year or the normal operating cycle, if less. Examples include cash, marketable securities, or short-term investments, accounts receivable, inventories, or prepaid expenses
Term
Plant Asset
Definition
any tangible assets whose usefulness to the business extends beyond one year or the normal operating cycle. Examples include land, buildings, equipment, and vehicles
Term
Long-term Investments
Definition
generally, investments in stocks or bonds intended to be held for more than one year. Also includes prepaid assets that may not expire in longer than a year, investment in real estate, and the second year of a 2-year insurance policy would also be a long-term investment
Term
Intangible Assets
Definition
non-current assets that do not have physical substance generally, give the company an exclusive right of use for specific period of time. Examples include patents, copyrights, tradenames, trademarks, organization costs, and goodwill
Term
Revenue
Definition
includes subtracting sales returns and allowances and sales discounts from sales
Term
Cost of Goods Sold
Definition
an accumulation of costs related directly to the revenues
Term
Available for Sale = ?
Definition
Net Purchases + Beginning Inventory
Term
Ending Inventory = ?
Definition
Available for sale - CGS
Term
Long-Term Liabilities
Definition
any liability that is due beyond one year or the normal operating cycle. Examples include mortgage payable, notes payable, bonds payable, and any deferred income taxes payable beyond on year.
Term
Stockholder's Equity
Definition
Common Stock Account and Retained Earnings
Term
Gross Profit % = ?
Definition
gross profit divided by net sales revenue
Term
Gross Profit = ?
Definition
Net sales - CGS
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