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ACCT101 Financial Accounting by Mind Map: ACCT101 Financial Accounting
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ACCT101 Financial Accounting

Ratios

Current ratio

Debt ratio

Gross Profit Percentage (Gross margin percentage)

Rate of Inventory Turnover

Acid-test (Quick) ratio

Days' Sales in Receivables

Used to evaluate companies

ACCOUNTING EQUATION Asset = Liability + Owner's Equity

Asset (Norm. Bal. -> Debit)

Liability (Credit)

Owner's Equity (Credit)

Principles

GAAP Principles

Accounting Principles

What?

1. Measures

2. Processes

3. Communicates

Adjustments

Prepaid (cash now, exp/rev later)

Accruals (exp/rev now, cash later)

I know it's kinda confusing. Remember: Prepaid = cash now; expense with asset Accrual = cash later; revenue with asset

Depreciation

Inventory Shrinkage

Accounting Cycle

During the Period

At the End of Period

Merchandising

Perpetual (incomplete)

Periodic

Credit Terms

Freight

Gross Profit Method

Closing

Principles

Terminology

Receivables (incomplete)

On Account

Uncollectibles

Reconciliation

Card sales

Notes receivable

Journals

Sales

Purchases

Cash receipts

Cash payments

General

Abbreviations of the journals are basically the first letter of each of the words, except for the General journal, which is "J"