Accounting & Financial Statement Analysis Exam: Wall Street Prep Premium
Package Review - , Exams of Advanced Accounting
Balance Sheet - ANSWERprovides a snapshot of a company's financial
position as of a certain date
Assets - ANSWERitems of value such as inventory and equipment are
financed with liabilities(debt) or stockholders' equity(owners' shares)
Assets= liabilities + stockholders' equity
Income Statement - ANSWERreports the company's profitability during an
accounting period
Revenues - ANSWERamounts recieved from customers for products sold or
services provided
Expenses - ANSWERcosts incurred to produce revenues
Net Income - ANSWERRevenues-Expenses
Statement of Stockholders equity - ANSWERreports if the earnings of this
accounting period are distributed as dividends or retained in the business as
retained earnings. Also reports amounts paid by stockholders to purchase
common stock and preferred stock
, Retained earnings(ending) - ANSWERRetained earnings + Net Income -
(Dividends)
Contributed capital (ending) - ANSWERContributed capital, beginning +
issuance of shares - (Repurchase to retire shares)
Statement of cash flows - ANSWERreports cash inflows + cash outflows
during an accounting period
Accounts recievable - ANSWERamounts to be recieved in the future from
customers
Accounts Payable - ANSWERamounts that the corporation must pay to
suppliers in the future
Stockholders' Equity - ANSWERportion of assets the owners are free and clear
of any liabilities
Contributed Capital - ANSWERamounts paid by stockholders to purchase
common stock and preferred stock
Retained Earnings - ANSWERNet income earned by the company since its
incorporation and not yet distributed as dividends
Cost of Goods Sold - ANSWERlargest expense item which reports the
wholesale costs of inventory sold during the accounting period
Package Review - , Exams of Advanced Accounting
Balance Sheet - ANSWERprovides a snapshot of a company's financial
position as of a certain date
Assets - ANSWERitems of value such as inventory and equipment are
financed with liabilities(debt) or stockholders' equity(owners' shares)
Assets= liabilities + stockholders' equity
Income Statement - ANSWERreports the company's profitability during an
accounting period
Revenues - ANSWERamounts recieved from customers for products sold or
services provided
Expenses - ANSWERcosts incurred to produce revenues
Net Income - ANSWERRevenues-Expenses
Statement of Stockholders equity - ANSWERreports if the earnings of this
accounting period are distributed as dividends or retained in the business as
retained earnings. Also reports amounts paid by stockholders to purchase
common stock and preferred stock
, Retained earnings(ending) - ANSWERRetained earnings + Net Income -
(Dividends)
Contributed capital (ending) - ANSWERContributed capital, beginning +
issuance of shares - (Repurchase to retire shares)
Statement of cash flows - ANSWERreports cash inflows + cash outflows
during an accounting period
Accounts recievable - ANSWERamounts to be recieved in the future from
customers
Accounts Payable - ANSWERamounts that the corporation must pay to
suppliers in the future
Stockholders' Equity - ANSWERportion of assets the owners are free and clear
of any liabilities
Contributed Capital - ANSWERamounts paid by stockholders to purchase
common stock and preferred stock
Retained Earnings - ANSWERNet income earned by the company since its
incorporation and not yet distributed as dividends
Cost of Goods Sold - ANSWERlargest expense item which reports the
wholesale costs of inventory sold during the accounting period
