accounting midterm last min review

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accounting midterm last min review
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2014-10-18 10:49:56
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  1. Balance sheet vs Income Statement
    In financial accounting, the balance sheet and income statement are the two most important types of financial statements (others being cash flow statement, and the statement of retained earnings). A balance sheet lists assets and liabilities of the organization as of a specific moment in time, i.e. as of a certain date. 


    • Balance Sheet
    • In financial accounting, a balance sheet is a summary of the financial balances of a company at a GIVEN point in time.

    AKA Statement of Financial Position

    Information it includes: Assets, liabilities, shareholders equity

    • Income Statement
    • An income statement is one of the financial statements of a company and shows the company's revenues and expenses DURING a particular period of time. Answers the question: Is the company profitable?
    • Sales, expenses, earnings per share.
  2. What is on a balance sheet/statement of financial position?
    Assets, liabilities, shareholders equity.
  3. What is on an income statement?
    Sales, expenses, earnings per share.
  4. What is on a balance sheet - sections/examles?
    • Assets
    • Current Assets
    • Property plant and equipment
    • Long term assets

    • LIABILITIES
    • Current liabilities (notes payable, accounts payable, wages payable, taxes payable, etc)
    • Long term liabilities (Bonds, etc)

    • Shareholders Equity
    • Common stock, retained earnings, etc
  5. What is on an income statement (sections)?
    • Revenue
    • Cost of sales
    • Gross Profit
    •  
    • Other income
    • Distribution cost
    • Expense
    • Profit
    • taxes
    • Net profit
  6. What is on a cash flow statement?
    • Cash flow from operating activities (operating income, depreciation, etc)
    • Cash flow from investing activities (equipment/land sales)
    • Cash flow from financing activities (dividends, etc)

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