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cob 241 > Finacial Statements Exam! > Flashcards

Finacial Statements Exam! Flashcards

1
Q

Write a heading for a finacial heading?

A

company name
type of fincaial statement
time period

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2
Q

What type of finacnial statement does operating expenses go on?

A

Income statement
under operating expense

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3
Q

What type of finacnial statement does land go on?

A

balance sheet
under asset - property plant and equipment
long term assets

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4
Q

What type of finacnial statement does accumulated depreciation go on?

A

balance sheet
Contra asset - subtract under property plant and equipment
Long term asset

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5
Q

What type of finacnial statement does accounts payable go on?

A

balance sheet
under current liabilities

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6
Q

What type of finacnial statement does unearned revenue go on?

A

balance sheet
under current liabilities

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7
Q

What type of finacnial statement does warranties payable (short term) go on?

A

balance sheet
under current liabilities

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8
Q

What type of finacnial statement does equipment go on?

A

balance sheet
under assets under property, plant, and equipment
long term asset

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9
Q

What type of finacnial statement does notes payable (long term) go on?

A

balance sheet
under long-term liabilities

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10
Q

What type of finacnial statement does salvage value of equipment go on?

A

none!
statement of cash flow

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11
Q

What type of finacnial statement does dividends go on?

A

none!
statement of cash flow!

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12
Q

What type of finacnial statement does warranty expense go on?

A

income statment
under operating expense

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13
Q

What type of finacnial statement does beginning retained earnings go on?

A

balance sheet
under stockholders equity but you have to do something to it first because you dont want beginning retained earnings you just want retained earnings

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14
Q

What type of finacnial statement does interest revenue go on?

A

income statment
under non-operating items

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15
Q

What type of finacnial statement doesgain on sale of equipment go on?

A

income statment
under non-operating items

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16
Q

What type of finacnial statement does gain on inventory go on?

A

balance sheet
assets

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17
Q

What type of finacnial statement does notes recievable (short term) go on?

A

balance sheet
short term assets

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18
Q

What type of finacnial statement does cash go on?

A

balance sheet
under asset

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19
Q

What type of finacnial statement does intrest receivable (short term) go on?

A

balance sheet
under short term asset

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20
Q

What type of finacnial statement does cash flow from investing activities go on?

A

none!
statement of cash flow

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21
Q

What type of finacnial statement does allowance for doubtful accounts on?

A

balance sheet
under assets - subtract because it is a contra asset account

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22
Q

What type of finacnial statement does intrest payable (short term) go on?

A

balance sheet
under current liabilities

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23
Q

What type of finacnial statement does sales revenue go on?

A

income statement
used to find gross margin

24
Q

What type of finacnial statement does uncollectable accounts expense go on?

A

income statment
under operating expenses

25
Q

What type of finacnial statement does intrest expense go on?

A

income statment
under non-operating items

26
Q

What type of finacnial statement does accounts recievable go on?

A

balance sheet
under assets

27
Q

What type of finacnial statement does salaries payable go on?

A

balance sheet
under current liabilities

28
Q

What type of finacnial statement does supplies go on?

A

balance sheet
under assets

29
Q

What type of finacnial statement does prepaid rent go on?

A

balance sheet
under asssets

30
Q

What type of finacnial statement does common stock go on?

A

balance sheet
under stockholders equity

31
Q

What type of finacnial statement doescost of goods sold go on?

A

income statement
used to find gross margin

32
Q

What type of finacnial statement does salaries expense go on?

A

income statement
under operating expenses

33
Q

What type of finacnial statement does building go on?

A

balance sheet
under long term assets

34
Q

What type of finacnial statement does Depreciation expense go on?

A

income statment
under operating expenses

35
Q

What type of finacnial statement does merchandise inventory go on?

A

balance sheet
under short term assets

36
Q

what are the two things you are calculating for on the income statment?

A

(1) gross margin
(2) net income

37
Q

What do you do to signify the end of the statement?

A

draw to two lines after the last number

38
Q

How do you find retained earnings?

A

Beginning retained earnings
+ net income/ - net losses
- cash dividends
- stock dividends
= retained earnings

39
Q

what is the accounts receivables equation?

A

accounts recivables = sales - amount recieved

40
Q

when figuring out what is going to be left uncollected from accounts receivale you credit what account? And how do you figure out how much is in that account?

A

allowance for doubtful accounts
subtract because it is a contra asset account
allowance for dountful accounts = accounts recivables * estimated % that wll be uncollected

41
Q

bonds payable

A

long term liabilities

42
Q

wages payable

A

current liabilities

43
Q

taxes payable

A

current liabilities

44
Q

prepaid insurance

A

current assests

45
Q

natural resources

A

long term asset

46
Q

goodwill

A

long term asset

47
Q

patents

A

long term asset

48
Q

book value

A

long term asset

49
Q

2 steps to an income statement

A

(1) sales revenue - COGS = Gross margin
(2) gross marin - expenses = net income / net loss

50
Q

marketable securities

A

short term asset

51
Q

supplies

A

short term asset

52
Q

unearned revenue

A

short term liability

53
Q

current ratio

A

current assets / current liabilities

54
Q

Definition for financial statements

A

Reports used to communicate a company’s financial information to interested external parties. The four general-purpose financial statements are the income statement, statement of changes in equity, balance sheet, and statement of cash flows.

55
Q

time period for a balance sheet

A

As of December 31, Year 1

56
Q

selling and admin expense

A

operating expene -IS

cob 241 (2 decks)

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