ACG Overview Flashcards by Kali Lukas

Q

DEAD

A

Debits, exp, assets, dividends

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Q

Assets

A

AR, PPE, prepaid expenses

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Q

Liabilities

A

Debt

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Q

Equity

A

Stocks, bonds, dividends

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Q

Accrual Accounting

A

Recording expenses at time of good or service provided

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Q

Cash Accounting

A

Recording when cash is exchanges

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Q

Order of financial Statements

A

Income Statement
Retained Earnings
Balance Sheet
Cash Flows

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Q

Multi Step Income statement

A

GP
Income from operations
NI

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Q

Single Step Income Statement

A

One section for expenses

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Q

Overstated EI =

A

Understated NI, higher CGS

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Q

Approximates current costs

A

FIFO

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Q

CGS approximates current costs

A

LIFO

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Q

Smooths out price changes

A

WA

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Q

Bank Reconciliation (Bank side)

A

+ Deposits in transit
- Outstanding checks

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Q

Bank Reconciliation (Book side)

A

NSF Checks

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Q

Asset Impairment

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A

Writing down asset to fair value

Q

Allowance Method

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A

Q

Revenue Expenditures

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A

oil change, on BS

Q

Capital Expenditures

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A

new car, on IS

Q

Goodwill

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A

Q

3 characteristics of liabilities

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A

Past transactions
Future payment/ service

Q

FICA

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A

Employee and employer

Q

SUTA FUTA

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A

employer

Q

Bond principal amount =

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A

par value

Bond Discount

when mkt value is higher

Bond Premium

when mkt value is lower

Bond advantages

higher return on equity, no effect on ownership

Bond Disadvantages

Base bond price

100

3 Parts of Cash Flows

1. operating, financing, investing

Operating activities

Investing Activities

Financing Activities