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Final Exam Notecard.docx - Iss st PV Assets(cash up SE(c...

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Iss st PV: Assets (cash) up, SE (c stock, add cap)up Purch treasury: assets down, SE down FIFO: LIFO: cost-salvage val=deprec. base total basic acct: A=L+SE NB: Asset: Dr Liability: Cr SE: Cr Rev : Cr Exp Dr accrual basis: revenues recognized when earned, expenses recognized when incurred NB Dr inc with debit, Cr inc w/credit cash basis: rec. revenues when receive cash, expenses when paid LCM: dr COGS cr inventory expense understated NI, RE, equity overstated rev understated NI, RE, equity overstated Fin statements: 1-I/s (NI=rev-exp) first so it goes into RE 2-S of RE, reconciles beg/end balances 3-B/S equity flows over 4-S of cash flows (op, inv, fin activities: need B/s and I/s) times int earned: NI+Interest exp+inc tax exp/interest exp GAAP-rules of accounting created by FASB quick ratio: cash+Short term inv.+net accts rec/current liabilities FASB- federal account. Standards board,has delegated authority from SEC with Legal authority.
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