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Financial Information and Accounting Concepts, Benjamin - Coggle Diagram
Financial Information and Accounting Concepts
Understanding Accounting
Accounting
Financial Accounting
Management accounting
Private accountants (corporate accountants)
Controller
Certified Public Accountants (CPAs)
Public Accountants
Audit
Major Accounting Rules
GAAP (Generally Accepted Accounting Practices)
External Auditors
International Financial Reporting
Standards (IFRS)
Sarbanes-Oxley
Fundamental Accounting Concepts
Assets
Liabilities
Owners' Equity
Assets - Liabilities = Owners' equity
Double-Entry Bookkeeping
Matching Principle
Accrual Basis
Cash Basis
Depreciation
Balance Sheet
Fiscal Year
Accounting Cycle
Perform transactions
Analyze and record transactions in a
journal
Post journal entries to the ledger
Prepare a trial balance
Make adjusting entries, as needed
Prepare an adjusted trial balance
Prepare financial statements
Close the books for the accounting period
Current Assets
Fixed Assets
Current Liabilities
Long-Term Liabilities
Retained Earnings
Income and Cash Flow Statements
Income Statement (profit and loss statement)
Expenses
Net Income (bottom line)
Cost of Goods Sold
Gross Profit (gross margin)
Operating expenses
EBITDA
Cash Flows Statement
Analyzing Financial Statement
Profitability Ratios
Return on Sales (profit margin)
Return on Equity
Earnings Per Share
Liquidity Ratios
Working Capital
Current Ratio
Quick Ratio (acid-test ratio)
Activity Ratios
Inventory Turnover Ratio
Accounts Receivable Turnover Ratio
Leverage, or Debr, Ratios
Debt-to-Equity Ratio
Debt-to-Assets Ratio
Benjamin