100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Financial Accounting Formulas Exam Test Guide Questions and Answers $10.49   Add to cart

Exam (elaborations)

Financial Accounting Formulas Exam Test Guide Questions and Answers

 3 views  0 purchase
  • Course
  • Financial Accounting
  • Institution
  • Financial Accounting

Basic Accounting Equation - Answer-A=L+SE Stockholders Equity - Answer-Common Stock+ Retained Earnings-R-E-D Net Income - Answer-R-E, when R is greater than E Net Loss - Answer-R-E, when E is greater than R Income Statement (in-brief) - Answer-Revenues - Expenses = Net Income or Net Los...

[Show more]

Preview 1 out of 3  pages

  • August 19, 2024
  • 3
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Financial Accounting
  • Financial Accounting
avatar-seller
lectknancy
Financial Accounting Formulas Exam
Test Guide Questions and Answers
Basic Accounting Equation - Answer-A=L+SE

Stockholders Equity - Answer-Common Stock+ Retained Earnings-R-E-D

Net Income - Answer-R-E, when R is greater than E

Net Loss - Answer-R-E, when E is greater than R

Income Statement (in-brief) - Answer-Revenues - Expenses = Net Income or Net Loss

Retained Earnings Statement (in-brief) - Answer-Beginning retained earnings + net
income - dividends = Ending Retained Earnings

Retained Earnings - Answer-R-E-D, of previous year that is kept in the business

Accrued Interest on Face Value of Note - Answer-Face value of note * annual interest
rate * time in terms of One year (x/12) = interest

Gross Profit - Answer-Net Sales - COGS

Net Income (Loss) - Answer-Gross Profit - Operating Expenses

Cost of Goods Available for Sale - Answer-Beginning Inventory + Cost of Goods
Purchased

Ending Inventory - Answer-Cost of Goods Available for Sale - COGS

Net Sales - Answer-Sales Revenue - Sales Returns and Allowances - Sales Discounts

Gross Profit Rate - Answer-Gross Profit / Net Sales

COGS Formula in a periodic system - Answer-(Beginning inventory + purchases) -
ending inventory = COGS

Weighted - Average Cost - Answer-Cost of Goods Available for Sale / Total Units
Available for Sale

Bank Reconciliation - Answer-Un-adjusted bank balance + deposits in transit -
outstanding checks +/- bank errors +/- bank memoranda

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller lectknancy. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $10.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

82215 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$10.49
  • (0)
  Add to cart