1 of 126
Definition
net operating income
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operating revenue - operating
gross profit - expenses =
expenses =
net income + expenses = sales, income, or revenue
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, 2 of 126
Definition
contra-asset accounts
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face amount of bond + premium (or
COGS / average inventory =
discount) =
receivable, prepaid, investment, accumulated depreciation
inventory accounts are
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3 of 126
Term
foreign currency adjustments & unrealized gains on available for-
sale investments
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other comprehensive income net income
prior period income net operating income
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4 of 126
Term
stock that represents the basic ownership of a corporation
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treasury stock preferred stock
authorized shares common stock
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5 of 126
Term
recognize revenues or expenses on the accounting books even
though no cash changes hands
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debit disclose only
accrue credit
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6 of 126
Term
at the end of the year, all income and expense accounts are closed
out to the
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liability account temporary account
equity account contra - asset account
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7 of 126
Term
equals all revenues minus all expenses except 'other comprehensive
income'
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gross income net income
Definition
net operating income
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operating revenue - operating
gross profit - expenses =
expenses =
net income + expenses = sales, income, or revenue
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, 2 of 126
Definition
contra-asset accounts
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face amount of bond + premium (or
COGS / average inventory =
discount) =
receivable, prepaid, investment, accumulated depreciation
inventory accounts are
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3 of 126
Term
foreign currency adjustments & unrealized gains on available for-
sale investments
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other comprehensive income net income
prior period income net operating income
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4 of 126
Term
stock that represents the basic ownership of a corporation
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treasury stock preferred stock
authorized shares common stock
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5 of 126
Term
recognize revenues or expenses on the accounting books even
though no cash changes hands
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debit disclose only
accrue credit
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6 of 126
Term
at the end of the year, all income and expense accounts are closed
out to the
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liability account temporary account
equity account contra - asset account
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7 of 126
Term
equals all revenues minus all expenses except 'other comprehensive
income'
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gross income net income
