Top Financial Accounting Flashcards

Accounting is a vast field. Financial accounting, is one of its many subfields. Students of both business studies and accounting, can expect to deal with this course anytime in their entire program. Usually, this is the one that students face the most difficulty in. This is because it requires students to have all the basic accounting concepts, and good knowledge of the literature. The biggest problem that students face in this field, is to remember the concepts. This is why we have come up with this set of Financial Account Flashcards.

These flashcards cover all the basic concepts that you need in order to boost up your knowledge about financial accounting. It is also safe to say that these flashcards are you one-stop solution for studying for an upcoming exam or a quiz. So what are you waiting for? Give these flashcards a go and see an improvement in both your memory, and understanding.
State True Or False For Double Entry Financial Accounting Flashcards
Cards: 113| Attempts: 217| Last updated: Mar 31, 2021
  A NEW ACCOUNT IS OPENED FOR EACH TRANSACTION ...
  FALSE
  THE RECORDING PROCESS BECOMES MORE EFFICIENT ...
  FALSE
  WHEN THE VOLUME OF TRANSACTIONS IS LARGE, REC...
  FALSE
  AN ACCOUNT IS OFTEN REFERRED TO AS A T-ACCOUN...
  TRUE
Financial Accouting Chapter 5
Cards: 33| Attempts: 24| Last updated: Sep 16, 2015
  Merchandise Inventory
  Includes All Goods That A Company Owns And Ho...
  Items In Merchandise Inventory That Need Spec...
  -Goods In Transit -goods In Consignment -go...
  Formula To Determine Invoice Cost
  -Discounts And Allowances +Import Duties +F...
  Costing Method
  Specific Identification, FIFO, LIFO, Or Weig...
Financial Accounting (CLEP)
Cards: 82| Attempts: 13| Last updated: Sep 16, 2015
  Accounts Increased With A Credit
  Liabilities, Capital, Revenue
  Accounts Increased With A Credit (liabilities...
  Have A Normal Credit Balance
  The Rules Of Double-entry Accounting State
  Assets, Drawing, And Expenses Are Increased W...
  Under The Business Entity Concept
  Activities Of A Business Are Recorded Separat...

Intermediate Financial Accounting Chapter 3
Cards: 6| Attempts: 10| Last updated: Sep 22, 2015
  Explain Double Entry Rules
  The Left Side Of Any Account Is The Debit Sid...
  Identify The Steps In The Accounting Cycle
   the Steps In The Accounting Cycle Are&n...
  How Do You Prepare Closing Entries?
  In The Closing Process, All Of The Revenue An...
  Explain The Reasons For Preparing Adjusting E...
  Adjustments Achieve A Proper Matching Of Reve...
Beginning Financial Accounting Formulas
Cards: 7| Attempts: 9| Last updated: Sep 18, 2015
  Basic Accounting Equation
  Assets = Liabilities + Shareholder's Equity
  Net Income
  Revenue - Expenses
  Total Assets
  Intangible Assets + Fixed Assets + Current As...
  Working Capital
  Current Assets - Current Liabilities
Accounting Key Financial Ratios
Cards: 11| Attempts: 7| Last updated: Sep 17, 2015
  Return On Assets
  Profitability Ratio:Relates Net Income To The...
  Return On Equity (ROE)
  PROFITABILITY RATIOS:Measures Rate Of Return ...
  Profit Margin
  PROFITABILITY RATIOS:This Ratio, Which Gives ...
  Asset Turnover
  ACTIVITY RATIOS:Assesses Effectiveness In Gen...
Financial Accounting Final Exam Formulas
Cards: 12| Attempts: 5| Last updated: Sep 18, 2015
  What Information Does Liquidity Give?
  Can The Company Survive In The Short Term
  What Are The Two Common Measures Of Liquidity...
  Working Capital And Current Ratio
  What Information Does Solvency Give?
  Can The Company Survive In The Long Term
  What Is The Common Measure Of Solvency?
  Debt/Equity
Financial Accounting Chapter 1
Cards: 9| Attempts: 2| Last updated: Sep 22, 2015
  Explain How Accounting Makes It Possible To U...
  The Information Provided By Accounting Enable...
  Explain The Meaning Of Stakeholders; Identify...
  Stakeholders Are Parties Who Have Something A...
  Identify The Objective Of Financial Reporting
  The Overall Objective Is To Provide Financial...
  Explain The Notion Of Management Bias
  Managers Are Often Compensated Based On A Com...
Financial Accounting Chapter 1
Cards: 33| Attempts: 2| Last updated: Sep 17, 2015
  Accounting
  The Information System That Identifies, Recor...
  Assets
  Resources A Business Owns.
  Balance Sheet
  Financial Statement That Reports The Assets, ...
  Accounting Equation
  Assets = Liabilities + Stockholder's Equity
Financial Accounting Chapter 2
Cards: 19| Attempts: 1| Last updated: Sep 17, 2015
  Account
  A Record Of Increases And Decreases In Specif...
  Chart Of Accounts
  A List Of Accounts And The Account Numbers Th...
  Common Stock
  Issued In Exchange For The Owner's Investment...
  Compound Entry
  A Journal Entry That Involves Three Or More A...
Financial Accounting Ch 2
Cards: 13| Attempts: 1| Last updated: Sep 17, 2015
  Transactions A Firm Conducts With A Separate ...
  External Transactions
  Events That Affect The Financial Position Of ...
  Internal Transactions
  What Process Is The Foundation Of Financial A...
  The Six-step Measurement Process (external Tr...
  What Is The First Step Of Measuring External ...
  Using Source Documents To Identify Accounts A...
Principles Of Accounting Financial Ratios
Cards: 13| Attempts: 0| Last updated: Sep 21, 2015
  A/R TurnoverPurpose:: Quantify A Firm's Effec...
  Net Sales / Avg. A/R, NetNet Sales (found On ...
  Inventory Turnover Ratio(Measures How Quickly...
  COGS / AVG. Inventory(Measures How Quickly A ...
  Days Sales In Inventory(Measures How Many Day...
  (Ending Inventory / COGS)x365(Measures How Ma...
  Acid Test (Quick Ratio)(Measures The Ability ...
  (Cash + Short-term Investments +Current Recei...


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