AFM102 Study Guide - Midterm Guide: Retained Earnings, Income Statement, Weighted Arithmetic Mean

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Financial accounting know the objective of financial accounting and the role accountants play in an organization (recording transactions) Income statement: sales, cost of goods sold, gross profit, sg&a expense(might be 5 or 10 expense that go under here), commissions (expense), operating expense, other income/expense (interest revenue/ expense), income before tax, income tax expense, net income. Statement of retained earnings: year ended, as at, opening, add: net income (loss), less: Balance sheet: as at, memorize the headings and figure out where the accounts go. Assets (property plant and equipment, other long term assets, total assets), current liabilities (long term liabilities, total liabilities, preferred shares, common shares, retained earnings, total. Statement of cash flows: year ended, operating (cash flows), investing (cash flows) and financings (cash flows). Net income (add: depreciation, less: gain/loss on disposal). Sheet presentation (gross a/r vs. net) - good news: you get paid more bad news: they might not pay you.

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