Financial Accounting Ratios

fundemental analysis – a method of stock analysis based on the management of the company and the past stock movements
collection of note rec – note + interest – collection fee
on account – buying on credit; agreeing to pay for a product or service at a later date
In a period of rising prices, FIFO will have
A. lower net income than LIFO.
B. lower cost of goods sold than LIFO.
C. lower income tax expense than LIFO.
D. lower net purchases than LIFO. – B
financial accounting – branch of accounting that provides information to people outside the firm.
Cost of Goods Sold – DM+DL+MOH
Quick assets – cash, marketable securities, accounts and notes receivable.
Expanded accounting equation – Equity – Owner's capital – Owner's withdrawals + Revenues – Expenses
Diesel Fitness, LLC has one (1) employee. The employee earns $5,000 per week for a five day work week ending and paid on Friday. This month the last day of the month and accounting period falls on a Monday, December 31, 2016.  What is the journal entry when the employee's wages are paid on January 4, 2017?
Work Sheet – A columnar accounting form used
expenses – assets used up or services consumed in the process of generating revenues
What account is used to receipt an overage or a shortage in the cash drawer? – • Account # 0805
Diesel Fitness, LLC hаs оne (1) emplоyee. The emplоyee eаrns $5,000 per week for а five day work week ending and paid on Friday. This month the last day of the month and accounting period falls on a Monday, December 31, 2016.  What is the journal entry when the employee's wages are paid on January 4, 2017?
When balancing the cash box, you discover a $30 overage. Prioritize the steps you would use to find or account for this mistake. – • Recount the money
• Check open and closed tickets for money taken in and amount receipted
• Notify the area manager because the amount is over $20
• 0805 overage

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