Exam (elaborations)
ACG 201 UNCW (1).
Exam of 7 pages for the course ACG 201 at ACG 201 (ACG 201 UNCW (1).)
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ACG 201 UNCWReturn on Sales Equation: - ANS-New Income / Net Sales
Gross Profit Equation: - ANS-Gross Profit / Net Sales
Return on Assets Equation: - ANS-Net Income / Average Total Assets
Current Ratio Equation: - ANS-Current Assets / Current Liabilities
Quick Ratio Equation: - ANS-Cash + Stockholders Investments + A/R / Current Liabilities
Working Capital Equation: - ANS-Current Assets - Current Liabilities
Receivables Turnover Equation: - ANS-Net Credit Sales / Average Net Receivables
Average Collection Period Equation: - ANS-365 / Receivables
Inventory Turnover Equation: - ANS-Cost of Goods Sold / Average Inventory
Days Sales in Inventory Equation: - ANS-365 / Inventory Turnover
Debt to Assets Equation: - ANS-Total Liabilities / Total Assets
Operating Cash Flows to Current Liabilities Ratio Equation: - ANS-Cash from Operating
Activities / Average Current Liabilities
Earnings per share Equation: - ANS-Net Income - Preferred Stock Dividends / Average
Common shares Outstanding
Price/Earnings Equation: - ANS-Stock Price per share / Earnings per share
Accounting Equation Equation: - ANS-Assets= Liabilities - Stockholders Equity
Sole Proprietorship Equation: - ANS-one Owner, One level of taxation, unlimited liability
Partnership - ANS-two or more owners, one level of taxation, unlimited liability
Corporation - ANS-two levels of taxation, limited liability, legal entity
Retained Earnings Equation - ANS-Beginning Retained Earnings
ADD: Net Income
, LESS: Dividends and other expenses
Ending Retained Earnings
Components of Financial Statements - ANS-Balance sheet, Income statement, Statement of
stockholders equity, Statement of cash flows
Balance Sheet: - ANS-is a listing of a firms assets, liabilities, and stockholders equity
Balance Sheet: Assets: - ANS-List of all resources owned by a company. Cash, A/R, Supplies,
Equipment
Balance Sheet: Liabilities: - ANS-List of all amounts a company owes. A/P, Notes payable
Balance Sheet: Stockholder's Equity: - ANS-Is a claim on the assets of a business that remain
after all liabilities have been payed off to creditors
Income Statement: - ANS-Reports the overall operating performance of a business over a
period of time
Income Statement: List: - ANS-Revenues and Expenses
Statement of Stockholder's Equity: - ANS-Presents information regarding the events that cause
a change in Stockholder's Equity during a period of time
Statement of Stockholder's Equity: List: - ANS-Contributed Capital and Earned Capital
Statement of Cash Flows: - ANS-Reports a company's cash inflows and outflows during a
period of time
Statement of Cash Flows: Operating Activities: - ANS-Reveals cash spent on operating
expenses and cash received from the sale of goods and services
Statement of Cash Flows: Investing Activities: - ANS-includes the cash payments and receipts
when a business buys and sells certain assets that is uses in its operations
Statement of Cash Flows: Financing Activities: - ANS-reports the issuance and repurchase of
shares in a business and the amounts borrowed and repaid to creditors
Accounting Cycle: - ANS-Analyze, Record, Adjust, Report, Close
Accounting Transaction: - ANS-is an economic event that affects assets, liabilities, or
stockholders equity and must be recorded in the company's financial statement
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