Financial Flashcards
1
Q
Chart of Accounts
A
2
Q
Profit and Loss Statement
A
P&L- aka income statement, core financial report.
Revenue - expenses = net income
3
Q
Balance Sheet
A
4
Q
Cash Flow Statements
A
5
Q
Net Income (profit)
A
6
Q
Intangible Property
A
Non-physical property that has value
7
Q
Assests
A
Everything of value owned by the practice
8
Q
Current Assets
A
9
Q
Fixed or Long Term Assets
A
10
Q
Liabilities
A
11
Q
Equity
A
12
Q
Cost of Goods Sold
A
COGS
13
Q
4 major areas for Understanding financial statements
A
14
Q
Cash-Based accounting
A
15
Q
Accrual based accounting
A
16
Q
Understand the Purpose
A
17
Q
Understanding Practicality
A
18
Q
Understand the Effect
A
