Russell Notes Flashcards
1
Q
What are the 6 branches of accounting?
A
- Financial
- Cost
- Managerial
- Tax
- Auditing
- Accounting Systems
2
Q
What are the 5 types of Asset Accounts?
A
- Cash
- Accounts Reveivable
- F&B Inventory (Inventory)
- Prepaid Expenses
- Fixed Assets
3
Q
What are the 5 types of liability accounts?
A
- Accounts payable
- Accrued expenses
- Unearned Income
- Note payable
- Mortgage payable
4
Q
What are the typical equity accounts?
A
- Paid in capital
- Retained earnings
- Undesignated net assets
- Designated net assets
5
Q
What are the 6 steps in the accounting cycle?
A
- Journal entires
- Posting (debits and credits)
- Trial balance
- Adjusting entries
- Adjusting trial balance
- Preparation of financial statements
6
Q
What is the balance sheet called in a private club?
A
Statement of financial position
7
Q
What is a horizontal analysis?
A
Dollars to dollars over different time periods.
8
Q
What is a vertical analysis?
A
An analysis where dollars are converted to a ratio of percentage.
9
Q
What is a income statement in a private club?
A
Statement of activities.
10
Q
What are the three areas of activities in a statement of cash flow?
A
- Operating (F&B, golf, dues)
- Investing (buying/selling assets)
- Financing (debt and/or equity)
11
Q
What is the CVP formula?
A
Fixed costs / Contribution margin
