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accounting terms
| Question | Answer |
|---|---|
| current assets | are a companies resources that are expected to turn into cash within year of the balance sheet date or within operating cycale if longer than a year |
| double entry accounting | a system requiring that transactions are recorded into two or more accounts and ensuring both debits and credits equal the same amount |
| earnings per share (EPS) | the amount required to be on the income statement of a publicly traded corporation |
| expenses | costs recorded on the income statement after they are used up in order to earn revenues |
| Gross profit | the remainder after subtracting COGS from net sales is presented as a dollar amount and as a percentage is also known as gross margin |
| Statement of cash flows | the reporting of change in a companies cash based off operations investments, and financing |
| depreciation | a method used on all assets whose life is not indefinite |
| SG&A selling, general & administrative | a companies operating expenses other than COGS which are period costs |
| Cash method of accounting | a method that reports revenues when cash is received and reports expenses when they are paid |
| inventory | a current asset account where a manufacturers goods are held for sale |
| Notes to the financial statements | an basic part of the financial statements and is required by the full disclosure principle. |
Created by:
red1885
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