prelim 2 outline - Outline Prelim 2 AEM 220 Types of...

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Outline: Prelim 2 AEM 220 Types of Accounting Financial Accounting Records for the public Annual report Managerial Accounting Stays inside organization Reports pinpoint problems and opportunities Accounting Equation = Assets = Liabilities + Owner’s equity Owned = Owed + Owner’s Claims Balance Sheet Assets Current Assets Cash Accounts Receivable Notes Receivable Inventory Fixed Assets Land Buildings Capital equipment Liabilities Current Liabilities Accounts Payable Notes Payable (short term) Accrued Taxes Accrued Salaries Long-term Liabilities Notes Payable (long term) Bonds Payable Owner’s Equity Stock Shares Retained Earnings Income Statement Net sales - Cost of Goods Sold Gross Profit - Operating Expenses Net Profit Before interest and taxes - Interests - Taxes Net Profit after Taxes Financial Statement Analysis How Liquid, profitable, efficient a business Liquid Ratios Short Term Current Ratio Current Assets/Current Liabilities Quick Ratio (acid test) Current Assets (without inventories) / Current Liabilities
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Long Term Debt to Equity Ratio Current Liabilities/ Owner’s Equity Profitability Ratios Profitability = successful operations Return on Sales Net Income/Net Sales Return on Equity Net Income/ Owner’s Equity Earnings per Share Net Income/# of shares
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  • Spring '07
  • PEREZ,P.D.
  • Generally Accepted Accounting Principles, long term debt, Assets Current assets, Liabilities Current Liabilities, Liabilities Notes Payable

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