Pictures
Units-of-activity depreciation
|
|
Terms
Fees Earned |
Service Revenue |
Common Stock |
Capital Stock |
FASB |
Determine Accounting principles |
Cost Principle |
Record assets at their cost |
Fair value principle |
Price received to sell an asset or settle a liability |
DEA |
Debit to increase Dividends, expenses, and Assets |
CLR |
Credit to increase Capital stock, liabilities, revenues |
Journalizing |
Recording transactions |
ALORE |
Assets, Liabilities, Owner’s Equity, Revenues, Expenses (Trial Balance order) |
Accrual-basis accounting |
Record transactions that change a company's financial statements in the period they occur |
Cash-basis accounting |
Record revenue when they receive cash, not in accordance with GAAP |
Revenue-recognition principle |
Recognize revenue in the accounting period in which the service is performed |
Expense-recognition principle (matching principle |
expenses follow revenues, match expenses with revenues |
Adjusted trial balance |
trial balance - accumulated depreciation |
FOB shipping |
buyer pays |
FOB destination |
seller pays |
|
|
Transactinons
Investment by stockholders |
Dr Cash, Cr Common stock |
Purchase of equipment for cash |
Dr Equipment, Cr Cash |
Purchase of supplies on account (credit |
Dr Supplies, Cr Accounts payable |
Services provided for cash |
Dr Cash. Cr Revenue |
Purchase of advertising on credit |
Dr Advertising Expense, Cr Accounts payable |
Services rendered for cash and credit |
Dr Cash, Dr Accounts receivable, Cr Cash |
Payment of expenses |
Dr Expense, Cr Cash |
Payment of Accounts payable |
Dr Cash, Cr Accounts receivable |
Receipt of cash on account |
Dr Accounts payable, Cr Cash |
Dividends |
Dr Dividend, Cr Cash |
|
|
Pictures
Double declining-balance method
|
Created By
Metadata
Favourited By
Comments
No comments yet. Add yours below!
Add a Comment
More Cheat Sheets by [deleted]