| Equations | Accounts | Shipping | Acronyms | Cathy |
|---|---|---|---|---|
|
What is A = L + OE ?
The accounting equation
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What is revenue, expenses, and dividends?
Temporary accounts that get closed out into retained earnings
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What is FOB Shipping Point?
The buyer pays for shipping costs
|
What is returns, allowances, discounts?
RAD
|
Who are the Patriots?
Cathy's favorite football team?
|
|
What is Revenue - Expenses?
Net Income Equation
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What is cash and revenue?
The accounts you use when you generate revenue?
|
What is FOB Destination?
The seller pays for shipping costs
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What are First-in-first-out, Last-in-last-out inventory methods?
FIFO and LIFO
|
What is brown?
Cathy's hair color
|
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What is Beginning Inventory + Purchases + Shipping - RAD ?
Cost of Goods Available for Sale Equation
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What is Accounts Receivable?
The account you use when paid on terms 1/10, n/30
|
What is Trans Out Expense?
The account the seller debits when shipping terms are FOB Destination
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What is the Generally Accepted Accounting Principle?
GAAP
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What is West?
Cathy's maiden name
|
|
What is the double declining balance rate?
(1/life in years) x 2
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What is allowance for bad debt OR accumulated depreciation?
A type of contra-asset
|
What is cash?
You always pay for shipping with:
|
What is cost of goods sold?
COGS
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What is Isenberg School of Management?
Where Cathy got her MBA
|
|
What is the units of production depreciation?
(cost - salvage value) / estimated units
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What is debiting cash, crediting revenue; and debiting cogs, crediting inventory?
The entries you record when you sell inventory?
|
What is none - the seller records shipping?
The accounts the buyer records shipping in if he/she purchases inventory under FOB Destination terms
|
What is the Securities and Exchange Commission?
SEC
|
What is ISOM 351?
The location of Cathy's office
|
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