ACCT207-Jung-Exam 1
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27 Terms
Assets, _____ to increase
debit
assets, ____ to decrease
credit
liability or equity, ____ to increase
credit
liability or equity, ____ to decrease
debit
Revenue, when make sale (credit or debit)
credit
expenses are always (credit/debit)
debit
growth rate % calc
Sales
(this year/last year)-1, then mult by 100 for percent
Current Ratio (not %)
current assets/current liabilities (ST)
debt to equity
total debt/total equity
revenue growth % calc
(this year/last year)-1, x100 for percent
profit growth % calc
(this year/last year)-1, x100 for percent
Gross Margin % calc
gross profit/revenue x100
operating margin % calc
operating profit/revenue x100
Net Margin % calc
net profit/revenue x100
Return on Asset (ROA) %
net profit/ total asset x100
Return on Equity (ROE) %
net profit/equity x100
Assets (current) 4
Cash
Inventory
Accounts Received
Prepaid Expenses
Assets (non-current) 2
Property, plant and equipment
Accumulated Depreciation
Liabilities (current) 4
Accounts payable
Accrued expenses
unearned revenue
ST debt
Liabilites (non-current) 1
LT debt
Equity (contributed capital) *really just one
common stock
preferred stock
Additional Paid in capital
*not super necessary, just know that money ppl give is this type of equity
Equity (earned profits)
retained earnings (net income from income statement)
retained earnings comes from…
net income from income statement
Income statement structure (write out)
Name company reporting period (date-date) ($)
Revenue
COGS
——————
gross profit
OPERATING EXPENSES
rent
misc
depreciation expense (not accum dep)
——————
Operating profit (gross profit-operating expenses)
interest expense
——————
earnings before taxes
tax expense
——————
Net income (=retained earnings)
Balance Sheet left side format
TOP= balance sheet as of date $
Cash
Inventory
A/R
Prepaid expenses
——————
Total Current Assets
list of PPE
(accum dep)
——————
PPE, net
Total Assets
Balance sheet right side format
TOP- Balance sheet as of date $
A/P
ST loan
misc payable
interest payable
tax payable
——————
Current Liabilities
LT loan
——————
Total Liabilities
list of equity
Retained earnings
——————
total equity
Total assets calc from right side of B/S
Total liabilites + total equity