Accounting Midterm Formulae

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11 Terms

1
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Assets =

Equity + (Revenue - Expense) + Liabilities

2
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Cost of Sales =

Opening Inventories + Purchases - Closing Inventories

3
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AVCO: Weighted Average Cost =

Total Inventories Cost / Total Inventories Quantity

4
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Gross Profit =

Sales Revenue - Cost of Sales

5
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Operating Profit =

Gross Profit - Operating Expenses

6
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Profit Before Tax =

Operating Profit - Non Operating Expenses + Non Operating Income

7
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Profit For Year =

Profit Before Tax * (1 - Tax Rate)

8
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Net Book Value = Carrying Amount =

Purchase Cost - Accumulated Depreciation

9
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Total Depreciation =

Purchase Cost - Residual Value

10
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Share Premium =

(Issue Price - Nominal Value) * Number of Shares

11
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Ending Equity =

Beginning Equity + Net Profit - Drawings