Term
| Which of the following is not reported on an income statement ? |
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Definition
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Term
| Type of accounting that requires conformity with GAAP |
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Definition
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Term
| A liability is classified as current if it is due in the near future usually within |
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Definition
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Term
| The ratio used to report liquidity is called |
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Definition
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Term
| The concept in accounting that groups expenses with the revenues they generate |
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Definition
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Term
| Which on of the following assets would you amortize? |
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Definition
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Term
| In regards to a cash flow statement, the cash sale of a fixed asset will be reported in the following category |
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Definition
| Cash Flow from investments |
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Term
| A return of 6% on a $400 investment, compounded annually for 3 years |
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Definition
400(.06)=424
(.06)=449.44
(.06)=476.4
-400=
76.4 annual return |
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Term
| Current assets are sold consumed used or turned into cash within |
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Definition
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Term
| Which of the following ratio best captures a film solvency |
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Definition
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Term
| The accounting element that represents a probable future economic benefit |
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Definition
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Term
| A company has an investment of 200, and a return of 240 the percentage increase is |
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Definition
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Term
| Accounting and finance are primarily concerned with |
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Definition
| measuring and managing money |
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Term
| The government agency that oversees the accounting and financial industry in the US |
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Definition
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Term
| If a company has assets of 700,000 and liabilities of 550,000 then its net worth (equity) |
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Definition
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Term
| If a company provides a service for 2,000 in may and agrees to take payment in June, from an accounting standpoint the 2,000 in revenues should be recorded in |
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Definition
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Term
| If equity has a deficit of 500 and liabilities of 600 what are assets? |
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Definition
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Term
| If the gross return factor is 1.07 what is the percentage change? |
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Definition
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Term
| An investment that grows to 1000 from 840 has grown |
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Definition
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Term
| In finance what type of asset directly produces goods and services? |
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Definition
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Term
| When analyzing a companys performance which financial statement should be used first |
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Definition
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Term
| True or False: As expenses increase, Equity increases |
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Definition
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Term
| True or False: In general terms, accounting analyzes financial info and finance reports |
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Definition
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Term
| The sources of equity for a company are |
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Definition
| Paid in Capital and Retained earnings |
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Term
| What accounting basis is used when revenues are recorded when earned? |
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Definition
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Term
| If the Walt Disney co-buys office supplies from office depot on credit the transaction will result in Disney reporting in their balance sheet |
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Definition
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Term
| When accounts receivable increases, what element typically increases? |
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Definition
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Term
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Definition
| Current Assets and Liabilities |
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Term
| Which of the following is not a current asset |
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Definition
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Term
| If accounts payable increases, what 2 elements could have increased |
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Definition
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Term
| Probable future economic benefit obtained or controlled by a particular entity as a result of past transactions or events |
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Definition
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Term
| What organization developed GAAP? |
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Definition
| FASB (Financial Accounting Standards Board) |
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Term
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Definition
| Paid in Capital, retained earnings |
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Term
| What 2 elements can change equity? |
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Definition
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Term
| What is the accounting concept that groups expenses with the revenues that they generated? |
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Definition
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Term
| What financial statement would you report revenues and expenses? |
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Definition
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Term
| Is this statement reported at a “point in time” or “for a period of time”? |
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Definition
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Term
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Definition
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Term
| If accounts receivable increases, what account will likely have increased? |
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Definition
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Term
| What if accounts payable decreased, what account(s) will likely have decreased? |
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Definition
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Term
| If equity has a deficit of 400$, and assets are zero, what are liabilities? |
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Definition
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Term
| If the gross return factor is 1.09, what is the percentage change? |
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Definition
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Term
| Which of the following can have a negative balance: Assets, liabilities, Equity, revenues, expenses? |
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Definition
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Term
| What are the 2 largest sources of capital |
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Definition
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Term
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Definition
| Cash; PP&E; Investments; Accounts Receivable; Inventory; Pre-Paid; Intangibles |
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Term
| What 2 accounts can change Equity? |
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Definition
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Term
| What expense account represents the periodic allocation of the cost of an asset? |
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Definition
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Term
| How would you recommend computing this expense? |
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Definition
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Term
| What 2 reasons could account for a decrease in Equity? An increase of Equity? |
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Definition
Earn Revenue
Investments (shareholders)
Expenses incur (use)
Dividends |
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Term
| When do you record revenues under the accrual basis of accounting? Expenses? |
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Definition
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Term
| Name the 4 financial statements |
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Definition
Balance Sheet
Income statement
Statement of cash flow
Statement of stockholders equity |
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Term
| If you earned an 11% return on a $500 investment, how much was your gross return? Your net return? |
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Definition
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Term
| As leverage increases, What else increases? |
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Definition
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Term
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Definition
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Term
| True or False; Debt = Total Liabilities |
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Definition
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