Accounting Formulas

0.0(0)
Studied by 0 people
call kaiCall Kai
learnLearn
examPractice Test
spaced repetitionSpaced Repetition
heart puzzleMatch
flashcardsFlashcards
GameKnowt Play
Card Sorting

1/8

flashcard set

Earn XP

Description and Tags

Things I need to remember that I keep forgetting

9 Terms

1
New cards

Inventory Turn Over Ratio

COGS/Average Inventory

2
New cards

Gross Profit

Sales revenue - COGS

3
New cards

In periods of rising prices what will LIFO produce?

Lower assets than FIFO

4
New cards

What method is favored in periods of rising prices?

FIFO

5
New cards

What method is favored in periods of recession?

LIFO

6
New cards

How is Bad Debt expense recorded

As an operating expense

7
New cards

Days sales in inventory

(Ending inventory/COGS) x 365

8
New cards

Assets Turnover Ratio

Net Sales/ Average Total Assets

9
New cards

Net Realizable Value

Accounts Receivable- Uncollectible estimate