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In one (1) page or less, choose 5 financial accounting topics that we’ve covered this semester...

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Accounting

In one (1) page or less, choose 5 financial accounting topicsthat we’ve covered this semester and relate them to yourpersonal life or the real world(outside of accounting, or course). I have provided a listbelow to give you some ideas, but please feel free to think outsidethe box.

Income Statement

Balance Sheet

Statement of Cash Flows

Bank Reconciliation

Liabilities

Bonds

Notes

Assets

Equity

Chart of Accounts

Debits and Credits

Lower of Cost or Market

Bookkeeping

Payroll

Taxes

Inventory and Cost of Goods Sold

Depreciation

Accumulated Depreciation

Adjusting Entries

Journal Entries

General Ledger

Closing Entries

Receivables

Bad Debt Expense

Interest

Prepaid Expenses

Unearned Revenue

Sales

Sales Returns and Allowances

Sales Discounts

Inventory Valuation

FIFO – First in, First out

LIFO – Last in , First out

Specific Identification

Weighted Average

Sole Proprietorship

Corporation

Conservatism

Creditors

Equipment

T-Accounts

Net Income

Trial Balance

Temporary Accounts

Permanent Accounts

Audit report

Ratios

Debt-to-assets

Asset Turnover

Net Profit Margin

Sarbanes-Oxley Act

IFRS

Segregation of duties

Unqualified Opinion

Answer & Explanation Solved by verified expert
4.3 Ratings (613 Votes)
Statement of cash flowsedit The statement of cash flows considers the inputs and outputs in concrete cash within a stated period The general template of a cash flow statement is as follows Cash Inflow Cash Outflow Opening Balance Closing Balance Example 1 in the beginning of September Ellen started out with 5 in her bank account During that same month Ellen borrowed 20 from Tom At the end of the month Ellen bought a pair of shoes for 7 Ellens cash flow statement for the month of September looks like this Cash inflow 20 Cash outflow7 Opening balance 5 Closing balance 20 7 5 18 Example 2 in the beginning of June WikiTables a company that buys and resells tables sold 2 tables Theyd originally bought the tables for 25 each and sold them at a price of 50 per table The first table was paid out in cash however the second one was bought in credit terms WikiTables cash flow statement for the month of June looks like this Cash inflow 50 How much WikiTables received in cash for the first table They didnt receive cash for the second table sold in credit terms Cash outflow 50 How much theyd originally bought the 2 tables for Opening balance 0 Closing balance 50 225 0 50500 Indeed the cash flow for the month of June for WikiTables amounts to 0 and not 50 Important the cash flow statement only considers the exchange of actual cash and ignores what the person in question owes or is owed Statement of profit and loss income statement or statement of operationsedit The statement of profit or income statement reports the changes in value of a companys accounts over a set period most commonly one fiscal year and may compare the changes to changes in the same accounts over the previous period All changes are summarized on the bottom line as net income often reported as net loss when income is less than zero The net profit or loss is determined by Sales revenue    See Answer
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