Review Flashcards
1
Q
Assets
Liabilities
Revenues
Expenses
Equitites
iincrease?
A
DR
CR
CR
DR
CR
2
Q
how to make a cogm schedule
A
A. current work in process
B. DM
C. DL
D. MOH
E. Total Manufacturing Cost (B+C+D)
F. Total Cost of WIP (A+E)
G. COGM (F- Ending work in Process)
3
Q
How to make SOI
A
A. Revenue
B. COGS
Beginning finished inventory + COGM =
COG available for sale
COG available for sale - Ending finished inventory = COGS
C. Gross Profit= A-B
D. Op Ex
E. Net Income = C-D
4
Q
How to make Balance sheet
A
most to least liquid
CA = CL + OE
5
Q
cogs formula
A
beginning finished goods
add: cogm
less: ending finished goods
= COGS
6
Q
A
