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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

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  • 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...

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  • August 19, 2024
  • 3
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Financial Accounting
  • Financial Accounting
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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

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