This is a draft cheat sheet. It is a work in progress and is not finished yet.
Basic Concepts/Principles
Trial Balance Preparation
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Journal Entries Pt.1
Purchase/Sale of Inv |
Petty Cash |
Journal Entries Pt. 2
Receivables & Allowances |
Payables |
Journal Entries Pt. 3
Interest Computations |
Monthly Entries |
Depreciation
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What are the factors that determine depreciation? Cost, Salvage Value, and Useful Life
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Obsolescence refers to the condition of a plant asset that is no longer useful in producing goods or services with a competitive advantage because of new inventions and improvements
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Is land depreciated? Land is recorded at cost but not depreciated because it is assumed to have an indefinite life.
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Business Organizations
Sole Proprietorship |
Partnership |
Corporation |
Business owned by one person |
Two or more people owning a business |
A business that is its own legal entity; owners are called shareholders |
Inventory Value
Specific ID |
Weighted Average |
FIFO |
LIFO |
Ratios
Current |
Gross Margin |
Inv Turnover |
A/R Turnover |
Financial Statements
Income Statement |
Balance Sheet |
Retained Earnings |
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