Exam 1 Review Flashcards
Nominal Accounts
Temporary Accounts: Revenues, Expenses, Dividends
Real Accounts
Permanent Account: Assets, Liabilities, Equity Accounts
Current Assets
Cash, Accounts Receivable, Supplies, Inventory
Total Intangible Assets
Patent, Copyright, Trademark
Assets
Liabilities + Equity
Equity
Common Stock + Retained Earnings
Gross Profit
Revenue Sales - Cost of Goods Sold
Net Profit
Gross Profit + Other Revenues - Other Expenses
Interest
Principal Amount * Rate * Time in Months
Common Stock
Beginning Balance (Jan 1st) + stock sold to owners
Retained Earnings
Revenues + Net Income - Dividends
Total Retained Earnings
Beginning Balance (Jan 1st) + Net Income - Dividends
Current Ratio
Current Assets / Current Liabilities
Working Capital
Current Assets - Current Liabilities
Total Long Term Assets
Land, Buildings, Equipment
Total Current Liabilities
Accounts Payable, Notes Payable
Deferred Expenses
Debit Expenses Credit Assets
Deferred Revenue
Debit liability credit revenue
Accrued revenue
Debit assets credit revenue
Accrued expense
Debit expense credit liability
