WSP-Accounting Crash Course 2025
Update|Complete Exam Set
Questions And Verified Answers |
Get It 100% Accurate!!| Already
Passed A+
Save
Terms in this set (49)
-Financial statements report
companies' resources and obligations
Historical Cost at an initial historical cost. This
conservative measure precludes
constant appraisal and revaluation
, -requires that companies recognize
revenue in the accounting period in
which the performance obligation is
satisfied
-Revenues must be recorded when
Revenue
earned and measurable
Recognition
-Does not matter when cash transfers
Principle
occur
-until that order is shipped to a
customer and collection from that
customer, who used a credit card, is
reasonably assured
-Costs of a product must be recorded
Matching
during the same period as revenue
Principle
from selling it
-is a financial report that depicts the
operating performance of a company
(i.e. revenues less expenses generated
- i.e. profitability) over a specific
Income
period of time (typically a quarter or
Statement
year).
-analysts can use THIS to identify the
components and sources ("drivers") of
net earnings.
, -Total dollar payment for goods and
services that are credited to an
income statement over a particular
time period
Revenues/Net
-A company may have other income
Revenues (Net
streams, which are not related to its
Sales)
main operations
Ex. Interest income earned from
investments and Income received
from a legal settlement
-represents a company's direct cost of
manufacture (for manufacturers) or
procurement (for merchandisers) of a
good or service that the company
sells to generate revenue
Cost of Goods -DOES NOT INCLUDE
Sold Ex. corporate overhead, marketing
and administrative expenses, research
and development, and salaries of
employees not associated directly
with the manufacture or procurement
of a good or service
Gross Profit -Revenues - Cost of Goods Sold
(Gross Margin)
Update|Complete Exam Set
Questions And Verified Answers |
Get It 100% Accurate!!| Already
Passed A+
Save
Terms in this set (49)
-Financial statements report
companies' resources and obligations
Historical Cost at an initial historical cost. This
conservative measure precludes
constant appraisal and revaluation
, -requires that companies recognize
revenue in the accounting period in
which the performance obligation is
satisfied
-Revenues must be recorded when
Revenue
earned and measurable
Recognition
-Does not matter when cash transfers
Principle
occur
-until that order is shipped to a
customer and collection from that
customer, who used a credit card, is
reasonably assured
-Costs of a product must be recorded
Matching
during the same period as revenue
Principle
from selling it
-is a financial report that depicts the
operating performance of a company
(i.e. revenues less expenses generated
- i.e. profitability) over a specific
Income
period of time (typically a quarter or
Statement
year).
-analysts can use THIS to identify the
components and sources ("drivers") of
net earnings.
, -Total dollar payment for goods and
services that are credited to an
income statement over a particular
time period
Revenues/Net
-A company may have other income
Revenues (Net
streams, which are not related to its
Sales)
main operations
Ex. Interest income earned from
investments and Income received
from a legal settlement
-represents a company's direct cost of
manufacture (for manufacturers) or
procurement (for merchandisers) of a
good or service that the company
sells to generate revenue
Cost of Goods -DOES NOT INCLUDE
Sold Ex. corporate overhead, marketing
and administrative expenses, research
and development, and salaries of
employees not associated directly
with the manufacture or procurement
of a good or service
Gross Profit -Revenues - Cost of Goods Sold
(Gross Margin)
