Study Guide Exam 3

Study Guide Exam 3 - BUS 10, Study Guide Exam 3 Exam 3:...

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Exam 3: Thursday, March 22 nd from 11:30 am-2:30 pm; BRING SCANTRON AND PENCIL Study and review: Ch. 17, 18, 19, 20 from 8 th edition of textbook and material covered during lectures Some Key Concepts: Ch. 17 Managerial accounting Financial accounting CPA (Certified public accountant) GAAP (Generally accepted accounting principles) Sarbanes-Oxley Act Accounting cycle Annual report Financial statement Income Statement Revenue Cost of goods sold Gross profit (gross margin) Operating expenses Net income/net loss Cash flow Statement of cash flows Balance Sheet Assets, Liabilities, Equity The fundamental accounting equation: Assets=Liabilities + Owner’s Equity Accounts payable, receivables Retained earnings Ratio analysis Liquidity ratios - Current ratio=Current assets/Current liabilities Leverage (Debt) ratios - Debt to equity ratio=Total liabilities/Owners’ equity Ch. 18 Finance Financial management 3 of the most common ways for a firm to fail financially (p.485)
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Study Guide Exam 3 - BUS 10, Study Guide Exam 3 Exam 3:...

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