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accounting Flashcards

1
Q

Public Companies

A

Sell stonkz on regulated exchange

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2
Q

Private Companies

A

limited to 100 shareholders

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3
Q

Securities and Exchange Commission

A

regulates public companies

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4
Q

market capitalization

A

worth of company=stock price

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5
Q

Financial Accounting Standards Board

A

regulates private companies

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6
Q

capital gains

A

no physical labor

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7
Q

IRS (Internal Revenue Service)

A

enforce rules

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8
Q

managerial model is

A

(internal and no rules) help mgmt make better timely decisions

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9
Q

3 types of enterprises

A

sole proprietorship
partnership
corporation

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10
Q

sole proprietorship

A

one person goes into business for sole purpose of profit

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11
Q

partnership

A

extension of SP 2+ people (if one dies or leaves, entity disappears)

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12
Q

limited liability

A

Can only lose what you invest (protects personal assets)

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13
Q

Piercing the corporate veil

A

Exceptions 1.) back taxes 2.) fraud

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14
Q

corporation

A

invisible, intangible, there to sue and be sued

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15
Q

C-Corp

A

mother of corporations, all public

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16
Q

subsidiary accounts

A

small accounts (A, L, SE, D, R, E) that make up a control Uniform Chart of Accounting

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17
Q

control accounts

A

total of subsidiary accounts

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18
Q

5 steps of accounting cycle

A

1.) Journalize
2.) Post to Ledger
3.) Foot to Ledger
4.) Trial Balance
5.) Financial Statements

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19
Q

journal entries

A

breakdown of transaction with debits and credits

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20
Q

1< debits or credits on a journal entry

A

compound journal entry

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21
Q

future benefits

A

can be carried forward to accounting periods

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22
Q

stockholders equity

A

external liability to shareholders

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23
Q

ledger

A

book of final entry

24
Q

purpose of a trial balance

A

condense, check of mathematical accuracy

25
Q

only things allowed on an income statmetn

A

revenue and expense

26
Q

deficit

A

negative retained earnings

27
Q

what type of account is accumulated depreciation

A

contra asset

28
Q

merchandiser

A

seller of another’s inventory

29
Q

periodic method

A

real counts end of period

30
Q

perpetual method

A

computer/recorded counts at time of sale

31
Q

SKUs

A

number assigned

32
Q

FOB destination

A

seller is paying (opposite of destination)

33
Q

FOB shipping point

A

buyer is paying (opposite of shipping point)

34
Q

FOB

A

Free On Board

35
Q

credit terms

A

discount if you pay earlier

36
Q

what type of account is a sales discount

A

contra revenue

37
Q

what type of account is sales returns and allowances

A

contra revenue

38
Q

4 methods of “costing” ending inventory

A

1.) speicific identification
2.) fifo
3.) lifo
4.) weighted average

39
Q

debit memorandum

A

$ out da bank-bank owes you less

40
Q

credit memorandum

A

$ into da bank- you are liability to the bank

41
Q

When and where does balance per book happen

A

general ledger cash account
at the end of the month

42
Q

balance per bank

A

after bank statement

43
Q

transposition error

A

a number typo

44
Q

NSF

A

nonsufficient funds (awkward)

45
Q

How long until an asset is non-liquid

A

assets past a year

46
Q

tangible assets

A

land building equipment

47
Q

intangible assets

A

patent, trademark, copyright

48
Q

capital assets

A

non-inventory assets

49
Q

capital expenditures

A

long-lived assets

50
Q

amortize

A

intangible assets

51
Q

cost of an asset is made up of 2 parts

A

life and salvage value

52
Q

capitalized

A

added cost of asset

53
Q

straight line depreciation equation

A

(cost of asset- salvage value)/ life

54
Q

cost driver

A

relates usage to cost

55
Q

double declining balance

A

double SLD percentage

56
Q

accelerated depreciation

A

equipment depreciation early in life than later

57
Q

Can you depreciate more than the base value

A

no

evolution (5 decks)

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