assets go on the:
balance sheet
cash from operating expenses goes on the
statement of cash flows
equipment goes on the
balance sheet
expenses goes on the
income statement
liabilities goes on the
balance sheet
net increase or decrease in cash goes on the
statement of cash flows
revenues goes on the
income statement
total liabilities and equity goes on the
balance sheet
private accounting is
accounting employees working for business
public accounting is
business offering audit, tax, and advisory services
fraud triangle includes
opportunity, pressure/incentive, and rationalization
assets:
resources a company owns or controls
liabilities
creditors claims on assets, obligation to provide
equity
shareholder claim on assets
income statement:
revenues and expenses compute net income or less over a period of time (revenues- expenses)
statement of retained earnings
changes in retained earnings from net income and dividends over a period of time (beginning retained earnings + net income- dividends = end retained earnings)
balance sheet
financial position at any point in time
(assets = liability +equity)
statement of cash flows
cash flow in or out over period of time
(operating +/- investing +/- financing = change in cash
accounts recievable is an
asset
salaries payable is a
liability
common stock is a
stockholder's equity
land is a
asset
prepaid insurance is a
asset
supplies is a
asset
unearned revenue is a
liability
dividends are
stockholder's equity
dividends are found on the
statement of retained earnings
customer layaway is
liability
customer layaway found on the
balance sheet
land is found on the
balance sheet
depreciation expense is a
stock holder equity (expense)
depreciaion expense found on the
income statement
salary payable is a
liability
salary payable found on the
balance sheet
accounts recievable is a
asset
accounts receivable is found on the
balance sheet
investments are a
asset
investments found on the
balance sheet
interest expense is a
stockholder equity
interest expense found on the
income statement
retained earnings is
stockholder equity
retained earnings found on the
statement of retained earnings
labor costs for accounting department at the corporate office are what kind of cost?
period cost
wheels for rolling coolers are what kind of cost?
direct materials and prime
property taxes on the manufacturing facility are what kind of cost?
overhead and conversion costs
lid hinges for hard-sided coolers are what kind of cost?
direct materials and prime
direct costs:
traced back to product
indirect costs:
cannot be traced back to product
direct materials
crucial part of finished product is
direct labor
directly convert materials to finished products
factory overhead
not directly tied into making the finished product
prime costs
direct materials and direct labor
conversion costs
overhead and direct labor costs
period costs
nonproduction, linked to time period
direct materials equation:
beginning raw materials inventory + purchases - ending raw material inventory = direct materials used
total manufacturing costs equation:
direct labor + manufacturing overhead = total manufacturing costs
cost of goods manufactured equation:
direct materials + direct labor + manufacturing overhead + beginning work in progress inventory - ending work in progress inventory
cost of goods manufactured income statement:
Sales Revenue − Cost of Goods Sold: Beginning Finished Goods Inventory + Cost of Goods Manufactured − Ending Finished Goods Inventory = Cost of Goods Sold = Gross Profit