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GOODLUCK > FABM (THE BALANCE SHIT) > Flashcards

FABM (THE BALANCE SHIT) Flashcards

1
Q

is another term for the
balance sheet

A

statement of financial position

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2
Q

The format of the statement of financial position follows the

A

Basic Accounting

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3
Q

Liabilities + Equity

A

= Assets

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4
Q

bills, coins, bank balances, money orders, and checks.

A

Cash

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5
Q

used to acquire goods and services or to eliminate
obligations.

A

Cash

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6
Q

which refers to assets that can be readily converted into cash

A

Cash equivalent

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7
Q

more likely to retain a large amount of cash on
hand if it routinely deals with cash transactions

A

Business

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8
Q

One of the basic accounting terms is a

A

normal balance

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9
Q

the account balance can be
called

A

Normal

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10
Q

Normal balance of assets

A

Debit

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11
Q

Normal balance of contra assets

A

Credit

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12
Q

Normal balance of liability

A

Credit

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13
Q

Normal balance of owners equity

A

Credit

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14
Q

Owners drawing or dividends

A

Debit

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15
Q

Normal balance of Revenues or income

A

Credit

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16
Q

Normal balance of expenses

A

Debit

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17
Q

Normal balance of gains

A

Credit

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18
Q

Normal balance of losses

A

Debit

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19
Q

the accounts are retained permanently in the SFP until their balances
become zero.

A

Permanent Accounts

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20
Q

Forms of Statement of financial position

A

Report Form
Account form

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21
Q

shows asset accounts first and then
liabilities and owner’s equity accounts after.

A

Report form

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22
Q

shows assets on the left side and
liabilities and owner’s equity on the right side just like the debit
and credit balances of an account

A

Account form

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23
Q

what are the current assets

A

cash, cash equivalents, accounts receivable, stock inventory, marketable securities, pre-paid liabilities, and other liquid assets.

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24
Q

What are the non current assets

A

Intangible assets, property plant and equipment, Land
Office buildings, Manufacturing plants, Vehicles.
Natural resources, Investments, like bonds, Patents and trademarks, Equipment.

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25
Q

What are the current liabilities

A

accounts payable, payroll due, payroll taxes, accrued expenses, short-term notes payable, income taxes, interest payable, accrued interest, utilities, rental fees, and other short-term debts.

26
Q

Components of sfp

A

Assets, liabilities, equity

27
Q

features the performance and activities of the
company for a certain period. It generally contains the revenues and expenses incurred by an entity
for a specific period.

A

statement of comprehensive income

28
Q

would differ based on the
form of business that the company has

A

Statement of changes in equity (SOCE)

29
Q

The three forms of business of SOCE

A

Sole Proprietorship, Partnership and Corporation

30
Q

It is an entity whose assets, liabilities, income, and expenses are centered or
owned by only one person

A

Sole Proprietorship

31
Q

Contents of the SoCE for Sole Proprietorship

A

Beginning Capital, Additional Investment, Drawings,Net Income/Loss

32
Q

It is the amount of capital that the company has at
the start of the period.

A

Beginning Capital

33
Q

The amount of assets that the owner withdrew from the
business for his/her personal use.

A

Drawings

34
Q

– It is the amount of investment that the owner
has added to its business.

A

Additional Investment

35
Q

the amount of profit or loss that the company
incurred during the period

A

Net Income/Loss

36
Q

Parts of the SoCE of a Sole Proprietorship

A

Heading, Beginning capital, Increases in Equity,Decreases in Equity, Ending Capital

37
Q

it includes the name of the company, title of the financial
statement, and the period covered of the financial statement

A

Heading

38
Q

the amount of the owner’s capital at the start of the
period

A

Beginning capital

39
Q

it includes the additional investment and net
income of the company

A

Increases in Equity

40
Q

– it includes withdrawals and net loss of the
company

A

Decreases in Equity

41
Q

it is the balance of equity after adding all the increases
and deducting the decreases from the beginning capital

A

Ending Capital

42
Q

Ending Capital

A

partnership

43
Q

It is an entity whose assets, liabilities, income, and expenses are centered or
owned by two or more persons

A

Beginning Partners Capital

44
Q

– It is the amount of investment that each
partner has added to its business

A

Additional Investment

45
Q

The amount of assets that each partner withdrew from the
business for his/her personal use.

A

Drawings

46
Q

the share of each partner in the profit or loss
of the company

A

Share in Net Income/Loss

47
Q

It is an entity whose assets, liabilities, income and expenses are centered or
owned by itself being a legally separate entity from its owners

A

Corporation

48
Q
  • it is the number of shares issued by the corporation to
    its stockholders at original price.
A

Common Stock

49
Q

the difference between the issue price and
the original price of the stocks sold.

A

Additional paid in capital

50
Q

– it is the accumulated net income of the company
since the start of the operation of the business less the dividends
declared and paid by the company to the stockholders

A

Retained earnings

51
Q

It provides an analysis of inflows and/or outflows of cash from/to operating,
investing, and financing activities

A

Statement of cash flows

52
Q

Steps in Preparing a Statement of Cash Flows

A

From the ledger of Cash,
group together the
transactions that have
same nature.

Identify each transaction if
it is an inflow or outflow.

Compute for the net cash
flow from each activity and
add it to get the net
change in cash.

Classify each transaction
according to its activity:
Operating, Investing or
Financing.

53
Q

Different Parts of Statement of Cash Flows

A

Operating Activities
Investing Activities
Net Change in Cash
Beginning Cash Balance
Ending Cash Balance

54
Q

– It include activities that are directly related to the
main revenue-producing activities of the company such as cash from
customers and cash paid to suppliers/employees

A

Operating activities

55
Q

It is the amount of investment that the owner has
added to its business.

A

Investing activities

56
Q

It is the amount of investment that the owner has
added to its business.

A

Financing activities

57
Q
  • It is the net amount of change in cash whether it is
    an increase or decrease for the current period. The total change
    brought by operating, investing, and financing activities.
A

Net Change in Cash

58
Q

The balance of the cash account at the
beginning of the accounting period

A

Beginning Cash Balance

59
Q

The balance of the cash account at the end of the
accounting period computed using the beginning balance plus the net
change in cash for the current period

A

Ending Cash Balance

60
Q

Account used to record transportation cost of merchandise purchased by the company.

A

Freight In

61
Q

Account used to record early payments by the company to the supplier of
merchandise.

A

Purchase Discount

GOODLUCK (27 decks)

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