aging of accounts receivable
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Process of classifying accounts receivable by how long they are past due
for purposes of estimating uncollectible accounts.
Equity
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the owner's claims to the assets of the business after deducting liabilities.
Includes:
- issued capital (stock)
- APIC
- retained earnings
- treasury stock
- Accumulated other comprehensive income
Deferred Tax Asset & liabilities
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Are presented on the balance sheet as a net non-current amount
Factoring with recourse
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the risk of uncollectibility is retained by the seller
operating lease
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A contractual agreement allowing one party (the lessee) to use the asset of
another party (the lessor);
-accounted for as right of use asset with corresponding liability
, -does not transfer the risks and rewards of ownership to lessee
stock split
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the division of each single share of a company's stock into more than one
share such as half or quarter
Losses
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Decreases in equity (net assets) from peripheral or incidental transactions
of an entity and from all other transactions and other events and
circumstances affecting the entity during a period except those that result
from expenses or distributions to owners.
maturity date
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The date on which an investment becomes due for payment.
investing cash flows
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cash transactions involving purchase and sale of long-term assets
Understatement beginning inventory
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In current year:
COGS is understated
Net Income is overstated
financing cash flows
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include cash transactions with lenders, such as borrowing money and
repaying debt, and with stockholders, such as issuing stock and paying
dividends
Last-In, First-Out (LIFO) pros and cons
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Pros:
- lower income tax from lower net income when prices are rising
Cons:
- higher income tax from higher net income when prices are falling
- inventory is reported at prices which may not substantially reflect the
Give this one a try later!
Process of classifying accounts receivable by how long they are past due
for purposes of estimating uncollectible accounts.
Equity
,Give this one a try later!
the owner's claims to the assets of the business after deducting liabilities.
Includes:
- issued capital (stock)
- APIC
- retained earnings
- treasury stock
- Accumulated other comprehensive income
Deferred Tax Asset & liabilities
Give this one a try later!
Are presented on the balance sheet as a net non-current amount
Factoring with recourse
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the risk of uncollectibility is retained by the seller
operating lease
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A contractual agreement allowing one party (the lessee) to use the asset of
another party (the lessor);
-accounted for as right of use asset with corresponding liability
, -does not transfer the risks and rewards of ownership to lessee
stock split
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the division of each single share of a company's stock into more than one
share such as half or quarter
Losses
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Decreases in equity (net assets) from peripheral or incidental transactions
of an entity and from all other transactions and other events and
circumstances affecting the entity during a period except those that result
from expenses or distributions to owners.
maturity date
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The date on which an investment becomes due for payment.
investing cash flows
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cash transactions involving purchase and sale of long-term assets
Understatement beginning inventory
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In current year:
COGS is understated
Net Income is overstated
financing cash flows
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include cash transactions with lenders, such as borrowing money and
repaying debt, and with stockholders, such as issuing stock and paying
dividends
Last-In, First-Out (LIFO) pros and cons
Give this one a try later!
Pros:
- lower income tax from lower net income when prices are rising
Cons:
- higher income tax from higher net income when prices are falling
- inventory is reported at prices which may not substantially reflect the
