Basic Accounting Math

accounting equation – an equation showing the relationship among assets, liability,and the owner's equity
revenue – an inflow of assets resulting from the sale of goods and services
Sales invoice – a source document prepared by the seller that lists the items shipped, their cost and the method of shipment (from the seller's viewpoint).
Indirect Cost Rate – The rate, expressed as a percentage of a base amount (MTDC, for example), established by negotiation with the cognizant federal agency on the basis of the institution's projected costs for the year and distributed as prescribed in OMB Circular A-21.
Liabilities – Any debt that a business owes
Capital structure – Mixture of liabilities a d stockholders equity a business uses
SEC – Security and Exchange Commission, is the U.S government agency that determines the financial statements that public companies must provide to stockholders, and the rules that they must use in producing those statements.
When a small amount of hexanoic acid [CH3(CH2)4CO2H, pKa~4.8], is added to a separatory funnel which contains the organic solvent diethyl ether and water with a pH of 12.0, it is found mainly in the ________ phase as ________.
Double Entry Accounting – Double Entry Bookkeeping. A process of recording capital equal debits and credits for a single business transaction.
income statement – also referred to as the statement of operations; most important financial report because it shows whether a business achieved its profitability goal through its operating activities; revenues, expenses, and net income. focuses on a company's profitability
Pending Cash Funds – small amounts of cash kept on hand to pay for minor things. One person only
Retained earnings – Balance sheet
Owners'/stockholders' equity
Assets – The possessions of people or businesses, such as cash and equipment.
Dividends – Decrease retained earnings, distribution of assets to stockholders
The merchandise that a business keeps on hand for sale is the – Inventory
When а smаll аmоunt оf hexanоic acid [CH3(CH2)4CO2H, pKa~4.8], is added to a separatory funnel which contains the organic solvent diethyl ether and water with a pH of 12.0, it is found mainly in the ________ phase as ________.
Accounts Receivable Turnover – Net Sales / Average Accounts Receivable
Sale of Treasury Stock Effects – increase assets
no effect on liabilities
increase stockholders' equity

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