Financial Concepts & Equations

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Finance - Personal Finance

charlotte1oxhi Created by 10 mon ago

Cards in this deck(16)

beginning retained earnings + net income - dividends

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Revenues - Expenses

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-Tracks flow of cash - Broken into 3 Activities: Operating, Financing, Investing - 4th Fin. Statement in line

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Beg. Supply + Purchases - Ending supplies

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Action happening before the cash was paid/received

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Dough is paid/received before the effort was completed

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1. They happen at the end of the period 2. DOES NOT INVOLVE CASH 3. Either Increase Rev. or Increase Expenses

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The Sarbanes-Oxley Act (SOX).

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gross accounts receivable - allowance for uncollectible accounts

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Allocating the cost of something over a period of time

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(Cost - Residual Value)/ Life

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Obligations that are owed to creditors. (Payables, IOUs, Debts)

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cost - accumulated depreciation

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Sales Price - Book Value

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Principal * Rate * Time Note: Always divide time by 12

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Assets = Liabilities + Equity

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