Notes over the first couple chapters
Notes over the first couple chapters CIS 201-904
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This 3 page Bundle was uploaded by Hali Marie Harrison on Monday September 28, 2015. The Bundle belongs to CIS 201-904 at Missouri State University taught by Radhika Kaula in Fall 2015. Since its upload, it has received 27 views.
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Date Created: 09/28/15
Notes for chapter 1 Income is synonymous with net sales and sales and revenue Final Cost of Goods Sold is another way of saying Total Merchandise Here are some definitions to remember Excel is a spreadsheet program with gridlines of columns and rows Columns are named by letters Vertical Coumns will always be inserted to the left of the selected column Rows are named by numbers Horizontal Rows will always be inserted above the row below the selected row The shortcut key in excel is ESC A workbook is a saved file in excel Cell Reference is the row and column that the cell is in For example D2 means column D row 2 Budget an estimate of income expenses and profits Function a prebuilt formula Exampe SUMD6D27 Arguments are the cell references that you use in your formulas Example Cells D16D27 are the arguments in the formula above Range selecting a group of cells next to each other Gross Profit Net Sales Cost of Goods Sold Profit before Taxes Gross Profit Total Expenses Profit after Taxes Net profit or Net Income Auto Fill copies formulas to any cell Mixed Cell Reference SDZ is used when you want to copy a formula but you want the same column to be used every time Absolute Cell Reference SD52 is used when you want to copy a formula but you want the same C II to be used every time Relative Cell Reference D2 is used when you don t need a certain column or a certain cell used in your formula every time Helpful Hint the key F4 switches your cells back and forth from absolute and relative Marquee is the moving border around cells Double Underline indicates that the amount in that cell is a grand total Accounting Number Format adds the currency symbol and inserts a comma at 1000s place while showing up to 2 decimal places Found under the Home Tab in the Number Group Financial Statement financial summary of the business over a specific period of time Balance Sheet provides information about the financial health of a business to be in god financial health Summarizes a company s assets liabilities and shareholders equity at a specific point in time o Assets 0 Liabilities 0 Owners Equity Stockholders Equity The Financial Accounting Standards Board makes rules for financial statements Generally Accepted Accounting Principle GAAP make rules for accountants Income Statement RevenueSales Expenses nterest Taxes Net IncomeProfitEarnings Price to Earnings Ratio Average Price Per ShareEarnings Per Share Assets Liabilities Owners Equity This must always be truequot Assets are divided into 2 categories Current Assets and LongTerm Assets Current Assets items that have higher liquidity Liquidity how quickly an asset turns into cash anything that can be sold liquidized within a years time would be considered a current asset Cash Accounts Receivable Inventory SuppHes Short term Investments accounts that liquidize within one year Prepaid Insurance All of thesequotquot will be summed to be a company s Total Current Assets Long Term Assets AKA fixed assets noncurrent assets or PPE Land Buildings Equipment less Depreciation depreciation could be for the equipment or for the buildings 2 ways to calculate Depreciation Straight Line Depreciation deducting an equal amount each year Purchasing Priceend price after the useful of yearsusefu of years Accelerated Method take more money out in the beginning than you will at the end of the items life Intangible Assets assets you can t touch but are still worth a good amount of money Brand names Patents Copyrights Good Will Total Assetstotal current assets total fixed assets total intangible assets Dividends how stockholders receive their portion of the Net Income Liabilities broken down into 2 categories current and long term Current Liabilities money you owe someone within 1 year Accounts Payable Wages Payable Taxes Payable Sum these quot up to find Total current liabilities Long Term Liabilities money you owe someone after 1 year Notes amp Bonds certificates issued by the company that pay fixed interest rates Notes have a maturity date of 10 years and bonds have a maturity date of 30 years Notes Payable is considered a liability but it can fall into both categories A notes payable that goes under current liabilities would be a notes payable that has a yearly interest payment A notes payable that goes under long term liabilities would be a notes payable that doesn t have a yearly interest rate Total Liabilities Total Current Liabilities Total Long Term Liabilities Owners Stockholders Equity Common Stock and Retained Earnings Retained Earnings cumulative net income of a company minus the cumulative dividends paid to the company s shareholders Basically that means that Retained Earnings are earnings retained within the company that are added continuously each year Total Owners Equity Retained Earnings Owners Investment
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