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Sml Biz ACCT/FIN F21 > Exam 3 > Flashcards

Exam 3 Flashcards

1
Q

balance sheet (financial condition)

A

reports the company’s assets, liabilities and owners’ equity as of a specified date

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2
Q

balance sheet date

A

the specified date of the balance sheet reporting assets and liabilities

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3
Q

asset

A

anything owned by the company

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4
Q

accounts receivable

A

amounts due from customers for goods and services the co. has already provided

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5
Q

inventory

A

merchandise normally available for sale to customers

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6
Q

current asset

A

an asset expected to be converted to cash within one year

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7
Q

non current asset

A

an asset expected to be converted to cash in greater than one year - has 2 sub categories

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8
Q

categories of non current assets

A

fixed and intangible

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9
Q

fixed asset

A

land, buildings, equipment and other long-term (more than 1 year) assets, are also known as plant assets

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10
Q

intangible asset

A

sub category of long term assets - include patents, trademarks, copyrights and goodwill

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11
Q

alternate names for fixed assets

A

PP&E property plant and equipment

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12
Q

accounts payable

A

amount due to suppliers/distributor for goods and service co has already received

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13
Q

long term liability

A

a liability expected to be paid in greater than one year

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14
Q

current liability

A

a liability expected to be paid within one year

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15
Q

OE

A

indicates the owners’ investment in the business

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16
Q

B2B

A

Business-to-business is a situation where one business makes a commercial transaction with another.

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17
Q

current + non current assets equal

A

total assets

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18
Q

current liabilities + long-term debt equals

A

total liabilities

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19
Q

alt names for balance sheet

A

statement of financial condition/position

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20
Q

3 examples of intellectual property

A

patent, copyright, trademark

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21
Q

2 names for reinvested profits

A

owners equity and retained earnings

accumulated earnings and reinvested profits

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22
Q

who do the profits of the business belong to

A

the owners

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23
Q

another term for profit

A

earnings/income

total after expenses

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24
Q

corporations name for owners equity

A

stockholder/shareholder equity

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25
Q

is preferred stock listed before or after common on the balance sheet

A

before

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26
Q

income statement

A

reports the business’s revenues, expenses, and net income for a specified period of time

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27
Q

revenues / top line

A

total sales

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28
Q

expenses

A

the cost of operations incurred to generate revenue

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29
Q

bottom line

A

the net income of a company for a certain period

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30
Q

2 alternate names for income statement

A

P&L/statement of operations

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31
Q

alternate terms for income

A

profit, earnings

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32
Q

dividend

A

a distribution (payment) of a corporation’s net income to its shareholders

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33
Q

what happens to profits not paid as dividends

A

reinvested and show up as retained earnings on the balance sheet

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34
Q

term for reinvested profits on the balance sheet

A

retained earnings

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35
Q

capital structure of a business definition

A

the % of debt and equity financing used to pay for the businesses assets

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36
Q

debt financing + equity financing =

A

capital structure

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37
Q

how to calculate capital structure

A

debt financing + equity financing

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38
Q

debt-to-total assets ratio formula

A

total liabilities / total assets

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39
Q

alt name for debt-to-total assets ratio

A

debt ratio

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40
Q

debt-equity ratio formula

A

total liabilities / total equity

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41
Q

alt name for debt-equity ratio

A

debt to equity ratio

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42
Q

whether a higher debt-to-total assets ratio indicates a greater risk of default, or a smaller risk of default, than a lower debt-to-total assets ratio

A

greater risk of default

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43
Q

whether a higher debt-equity ratio indicates a greater risk of default, or a smaller risk of default, than a lower debt-equity ratio

A

greater risk of default

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44
Q

basic accounting equation

A

A=L+OE

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45
Q

consolidated financial statement

A

financial statements of a parent company and its subsidiaries

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46
Q

parent company

A

a company that owns another

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47
Q

subsidiary

A

a company owned by another company

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48
Q

sister companies

A

companies that share a parent company

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49
Q

allowance of doubtful account

A

estimates the percentage of accounts receivable that are expected to be uncollectible

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50
Q

alt names for allowance of doubtful account

A

estimated uncollectibles

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51
Q

A/R net Formula

A

gross A/R - estimate of uncollectibles

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52
Q

which is the total amount owed by customers to the company, gross A/R or A/R net

A

Gross A/R

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53
Q

which is the amount the company actually expects to collect, gross A/R or A/R net

A

A/R net

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54
Q

which is included in the company’s total assets, gross A/R or A/R net

A

A/R net

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55
Q

which fixed asset is listed first

A

Land

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56
Q

which fixed asset does not depreciate

A

Land

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57
Q

which indicates the total cost of the venture’s fixed assets, gross fixed assets or net fixed assets

A

historical cost/gross

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58
Q

which is included in the venture’s total assets, gross fixed assets or net fixed assets

A

net fixed assets

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59
Q

whether a fixed asset’s accumulated depreciation increases over time, or decreases

A

increases

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60
Q

whether a fixed asset’s net book value increases over time, or decreases

A

decreases

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61
Q

depreciation

A

spreading historical cost of a fixed asset over the assets estimated useful life

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62
Q

accumulated depreciation

A

a fixed assets total depreciation from acquisition to the balance sheet date

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63
Q

market value

A

price a buyer would pay to an unrelated seller

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64
Q

[liabilities]

A

debt capital

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65
Q

accrued payables

A

expenses that have been incurred but not yet paid

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66
Q

3 examples of accrued payables

A

accrued wages/salaries
accrued interest
taxes payable

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67
Q

2 other terms for contributed capital

A

invested capital

paid-in capital

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68
Q

retained earnings

A

reinvested profits

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69
Q

another term for retained earnings

A

owners equity and retained earnings

accumulated earnings and reinvested profits

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70
Q

dividend

A

a distribution of profits to the owners

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71
Q

whether the book value of a fixed asset is the same as its market value

A

it is not the same

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72
Q

what goodwill on the balance sheet indicates

A

indicates the co has acquired other companies

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73
Q

the type of asset that goodwill is

A

noncurrent - intangible

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74
Q

whether the par value of stock is the same as its market value

A

no

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75
Q

who determines if corp will pay dividend

A

board of directors

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76
Q

role of board of directors

A

deciding to pay dividends/to protect the interests of the shareholders

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77
Q

formula for ending gross fixed assets

A

beg gross fixed + historical cost of fixed assets purchased - historical cost of assets sold in period

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78
Q

net book value of a fixed asset

A

historical cost - accumulated depreciation

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79
Q

amt reported on balance sheet for preferred stock

A

number of pref shares issued x par value per pref share

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80
Q

amt reported on balance sheet for additional paid in capital preferred

A

anything contributed above preferred stock par value

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81
Q

amt reported on balance sheet for common stock

A

number of common shares issued x par value per common share

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82
Q

amt reported on balance sheet for additional paid in capital common

A

anything contributed above common stock par value

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83
Q

ending retained earnings formula

A

beg retained earning + net income - dividends

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84
Q

net working capital in dollars

A

current assets - current liabilities

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85
Q

current ratio formula

A

current assets/current liabilities

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86
Q

quick ratio formula

A

(current assets - inventory) / current liabilities

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87
Q

what does net working capital mean

A

amount of cash that can safely be spent

88
Q

what does current ratio mean

A

measures if the firm has the resources to pay debt with cash and assets

89
Q

what does quick ratio mean

A

how easily could you pay off liabilities in a very short amount of time (smaller than current ratio)

90
Q

3 ways to analyze a ventures ratios

A

compare to competitors
compare to companies in the same stage of life cycle
analyze trends for the company over time (up/down)

91
Q

3 limitations of financial statements

A

based on historical actual transactions and do not indicate future prospects
many valuable intangibles can not be recorded as assets on the balance sheet
net book value may be very different than their market value

92
Q

3 intangibles useful to a venture but cant be on balance sheet

A

experienced personnel
efficiencies (established procedures)
customer loyalty/reputation (goodwill from owned co.)

93
Q

2 examples of assets recorded on the balance sheet at lower than market value (undervalued)

A

land

buildings

94
Q

business model

A

a design/plan for generating revenue, profits, and freecashflow to equity

95
Q

revenue model

A

a plan for generating sales

96
Q

revenues

A

amounts received or to be received for goods and services

97
Q

markup model

A

an amount is added to the venture cost of inventory purchased or made

98
Q

markup

A

the amount $ added to the ventures cost of the product

99
Q

retailer

A

stores who by product from manufacturer

100
Q

wholesaler

A

a middle man who buys from manufacturer and marks it up before selling it to retailers

101
Q

keystoning

A

markups = 100% of cost

sales price = cost of inventory x 2

102
Q

fee for service model

A

generates revenues by charging customers for each service provided (dentist)

103
Q

advertising model

A

generates revenues by providing a platform that promotes other organizations products and services
revs depend on popularity of platform (social media and radio)

104
Q

subscription model

A

generates revenue by providing a service for a predetermined cost per period

105
Q

transaction model

A

generates revenue by charging for facilitating transactions between parties or providing sales leads

106
Q

licensing model

A

generates revenue by granting others the right to use the business name, logo, product, tech or service for a specified price

107
Q

licensor

A

the entity granting use of its name, logo, tech or service

108
Q

licensee

A

entity authorized to use name, logo, product, tech or service of another

109
Q

can a venture have revenue without profit

A

yes

110
Q

can a venture have profits without freecashflow to equity

A

yes

111
Q

freecashflow to equity

A

the cashflow available to shareholders

used to pay divs and buy back shares

112
Q

does the licensee or the licensor own the product being licensed

A

licensor

113
Q

issue discussed for licensor

A

maintaining quality control

114
Q

2 advantages for subscription model over other models

A

provides stable recurring revenue

facilitates revenue growth over time

115
Q

disadvantage of transaction model

A

revenues rely on continually generating new transactions

116
Q

calc selling price under markup model (markup model formula)

A

cost of inventory + markup

117
Q

calc markup percentage

A

markup/cost

118
Q

cash basis accounting

A

revenue is recorded when cash is received

expenses are recorded when cash is paid

119
Q

accrual basis accounting

A

revenues are recorded when earned or when services are performed REGARDLESS of when cash received
expenses are recorded when incurred or become liable for them REGARDLESS when cash paid

120
Q

capitalizing

A

recording purchases as assets and not as expenses in the current period

121
Q

expensing

A

recording purchases as expenses

122
Q

revenue recognition

A

recording revenues in the accounting system

123
Q

revenues

A

amounts received or to be received for goods and services

124
Q

expenses

A

the cost of operations incurred to generate revenue

125
Q

sales discounts

A

discounts given to A/R customers for paying early

126
Q

charge

A

an expense

is any fee representing the cost of credit or borrowing

127
Q

sales mix

A

proportion of total sales from each of the business products and services

128
Q

is cash basis or accrual basis used for personal taxes

A

cash basis

129
Q

is cash basis or accrual basis used in GAAP accounting

A

accrual

130
Q

when rev is recorded in cash basis when cust pays by cash

A

when received from cust

131
Q

when rev is recorded in cash basis when cust pays by check

A

date received from customer

132
Q

when rev is recorded in cash basis when cust pays by card

A

date funds are received from card processor

133
Q

when expenses are recorded in cash basis when expenses are paid by cash

A

when paid by venture

134
Q

when expenses are recorded in cash basis when expenses are paid by check

A

date check was mailed by venture

135
Q

when expenses are recorded in cash basis when expenses are paid by card

A

date card is swiped

136
Q

whether capitalizing has an immediate impact on the income statement (and therefore net income), or a delayed impact

A

delayed

137
Q

whether expensing has an immediate impact on the income statement (and therefore net income), or a delayed impact

A

immediate

138
Q

bottom line

A

the net income of a company for a certain period

139
Q

matching principle

A

expenses are recorded in the same accounting period as the revenues they helped generate

140
Q

role of the SEC

A

to regulate US public financial markets with goal of protecting public investors

141
Q

whether the SEC is part of the U.S. government, state government, or not part of government at all

A

part of federal govt

142
Q

who requires public companies to use GAAP

A

the SEC

143
Q

2 reasons why a private venture may have to prepare GAAP financial statements

A

to satisfy lenders

establish credibility with potential investors

144
Q

2 types of sales

A

cash and credits (sales on account)

145
Q

whether the venture’s net income equals its change in cash for the period under accrual-basis accounting

A

no

146
Q

the figure that is 100% on a vertical income statement

A

top line

147
Q

2 ways to analyze a vertical financial statement (ways such a financial statement is used/analyzed)

A

trends over time for the venture

comparisons between companies of different seizes

148
Q

profitability analysis

A

how well the venture is creating profits

149
Q

ops expense examples

A

utilities/salaries/depreciation

150
Q

alt term for vertical financial statement

A

common size P&L

151
Q

multistep income statement

A 
revenues
(returns, discounts)
---
net sales
(COGS)
---
Gross profits
(ops expense)
---
EBIT (aka operating income)
(interest expense)
---
EBT
(taxes)
---
net income
152
Q

calc gross profit margin

A

gross profit/top line = %

153
Q

calc net profit margin

A

net income/top line = %

154
Q

calc depreciation expense straight line

A

(historical cost - residual value) / est. useful life

155
Q

calc total accumulated depreciation

A

straight line depreciation x number of periods

156
Q

calc EBITDA

A 
gross profit
(ops exp except amort and dep)
-------
EBITDA
(dep and amort)
157
Q

3 reasons why a venture’s gross margin can change over time

A

changes in selling price
change in cost of merchandise
change in sales mix

158
Q

SEC

A

securities and exchange commission

159
Q

EBITDA

A

Earnings before interest, taxes, depreciation and amortization

160
Q

GAAP

A

Generally Accepted Accounting Principles

161
Q

is gross margin a measure of
liquidity
profitability
asset utilization

A

profitability

162
Q

is net profit margin a measure of
liquidity
profitability
asset utilization

A

profitability

163
Q

is inventory turnover a measure of
liquidity
profitability
asset utilization

A

liquidity

164
Q

is total asset turnover a measure of
liquidity
profitability
asset utilization

A

asset utilization

165
Q

is fixed asset turnover a measure of
liquidity
profitability
asset utilization

A

asset utilization

166
Q

does accumulated depreciation increase or decrease over time

A

increase

167
Q

does net book value increase or decrease over time

A

decrease

168
Q

what asset utilization (asset management) refers to in the context of financial statement analysis

A

how well a firm is using assets to produce revenue

169
Q

3 potential solutions for a co. with a low inventory turnover

A

stronger sense of what customers want
better marketing strategy
better sales force

170
Q

3 higher costs that result from a low inventory turnover

A

storage costs
higher product obsolescence
higher interest costs if capital is used to buy inventory

171
Q

how older equipment affects the fixed assets turnover

A

make asset turnover greater/better

172
Q

deduction

A

expense

173
Q

write-off

A

deduction

174
Q

election

A

option to change from s to c corp

175
Q

accelerated depreciation

A

more depreciation in early life that slows as the asset ages

176
Q

phantom income

A

income that must be on tax return even if taxpayer did not receive cash (reinvested profits)

177
Q

name of the federal tax law

A

Internal Revenue Code

178
Q

who writes federal tax law

A

Congress

179
Q

3 common circumstances that require a business to obtain an EIN, as discussed in class

A

business has employees
business is a corporation
business is a partnership

180
Q

the 2 taxes referred to in the expression, “double taxation of corporate profits”

A

corporate income tax

individual income tax on divs paid to shareholders

181
Q

type of business (legal form) that most public companies are

A

C corps

182
Q

1 tax advantage of C corporations, as discussed in class

A

corporate income tax may be lower than pass through entity or sole proprietorship

183
Q

3 disadvantages of C corporations, as discussed in class

A

losses in first year do not produce tax savings for owners (not deductible)
double taxation of corp profits
payroll tax responsibilities even if owners are the only employees

184
Q

3 payroll tax responsibilities of a business that has employees, as discussed in class

A

withhold tax from employees
remitting withheld tax to IRS and state
pay business portion of payroll tax

185
Q

whether shareholders who work in their corporations are employees of the corporation, or are not employees of the corporation

A

are employees and must be paid salary for tax purposes

186
Q

4 payroll taxes employers are required to pay, as discussed in class

A

Social security 6.2
Medicare 1.45
Fed unemployment tax
state unemployment tax

187
Q

whether Social Security and Medicare taxes are paid by the employer, the employee, or both

A

both

188
Q

whether federal and state unemployment taxes are paid by the employer, the employee, or both

A

employer only

189
Q

who an entrepreneur files articles of incorporation with

A

the state opening in born as C corp

190
Q

who an entrepreneur files an election to have the corporation treated as an S corporation with

A

IRS

191
Q

is S or C corp referred to as regular corporation

A

C

192
Q

does S or C corp have a max number of shareholders

A

S - 100 (family counts as 1)

193
Q

types of businesses to which pass-through taxation applies

A

S-corp
partnership
LLC

194
Q

do pass through entities pay income tax

A

no

195
Q

do pass through entities file a return with the IRS

A

yes

196
Q

the name of the tax form (schedule) that pass-through entities must furnish each year to their owners

A

K-1

197
Q

2 disadvantages of pass-through entities, compared to a C corporation, as discussed in class

A

possibility of phantom income

the owners individual tax rate may be higher than rate on C corp profits 21%

198
Q

2 advantages of pass-through entities, compared to a C corporation, as discussed in class

A

no double tax, S-corp business dont pay income tax

Losses can offset the owners taxable income, which saves on taxes

199
Q

be able to indicate whether a business owner should expect to be able to immediately deduct all expenditures

A

not able to immediately deduct

200
Q

when the cost of merchandise is deducted

A

when it is sold

201
Q

whether self-employment tax is paid in addition to income tax, or instead of income tax

A

in addition

202
Q

whether self-employment tax is paid in addition to Social Security and Medicare taxes, or instead of Social Security and Medicare taxes

A

can pay self employment instead of SS and medicare

203
Q

whether self-employment tax is paid when the business has a loss

A

not paid on a loss

204
Q

what do sole proprietors pay self-employment tax on

A

proprietorships profit

205
Q

what does a partner in a partnership pay self-employment tax on

A

partners share of partnership profit

206
Q

what does an LLC member pay self-employment tax on

A

members share of the LLC profit

207
Q

calc cost savings from a deduction

A

amount of deduction x tax rate

208
Q

calc after tax cost of deductible item in 2 ways

A

historical cost of item - tax savings

historical cost of item x (100% - tax rate)

209
Q

IRS

A

Internal Revenue Service

administers and enforces tax law

210
Q

IRC

A

Internal Revenue Code

211
Q

EIN

A

Employer Identification Number

federal tax ID number

212
Q

LLC

A

limited liability company

213
Q

difference between S and C corp

A

tax rules

214
Q

depreciation expense

A

depreciation for a stated period

215
Q

if asset is owned less than half a month how much depreciation is recorded

A

none

216
Q

if asset is owned more than half a month how much depreciation is recorded

A

full month

Sml Biz ACCT/FIN F21 (10 decks)

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