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Accounting Formulas questions reviewed and verified.
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Accounting Formulas questions reviewed and verified.
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Accounting Formulas questionsreviewed and verified.
Accounting Basic Formula ANS - Assets = Liabilities + Owners' equity ( A = L + OE)
Assets = ANS - Liabilities + Common Stock - Dividends + Revenues - Expenses
1. ASSETS ANS - INCREASE WITH A DEBIT
2. Liabilities ANS - Increase with a Credit
3. Common Stock ANS - Increase with a Credit
4. DIVIDENDS ANS - INCREASE WITH A DEBIT
5. Revenues ANS - Increase with a Credit
6. EXPENSES ANS - INCREASE WITH A DEBIT
INTEREST ANS - Principal x Rate x Time
BALANCE SHEET ANS - Assets, Liabilities, Owners Equity (stock, retained earnings)
INCOME STATEMENT ANS - Revenues, Expenses
RETAINED EARNINGS ANS - Dividends, Retained Earnings
, RETAINED EARNINGS ANS - = Beginning Retained Earnings + Net Income - Dividends
NET INCOME ANS - =Revenues - Expenses
Maturity Value ANS - Principal + Interest
Debt Ratio ANS - = Total Liabilities / Total Assets
Equity Ratio ANS - =Total Equity / Total Assets
PROFIT MARGIN RATIO ANS - = Net Income / Net Sales
GROSS MARGIN RATIO ANS - = Net Sales - Cost of Goods Sold / Net Income
Book value per common share ANS - = Shareholders' equity applicable to common shares
/ Number of common shares outstanding
Basic Earnings Per Share ANS - =Net Income - Preferred Dividends
/ Weighted-average common shares outstanding
Return on Investment (ROI) ANS - ROI = Net Income / Average Total Assets
Working Capital ANS - Working Capital = Current Assets - Current Liabilities
Return on Equity (ROE) ANS - Return on Equity = Net Income / Average Owner's equity
Current & Acid-test Ratio difference ANS - Current Ratio includes Merchandise Inventory whereas Acid-
test ratio does not include
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