Gross Income v.

Taxable Income

Accounting Period v. Taxable Year

Calendar Year v. Fiscal Year

What is a short period return?

Actual v. Constructive Receipts

Cash Method v. Accrual Method

What is a balance sheet?

What is an income statement?

What is a Cash Flow Statement?

What is a Statement of Changes in Equity?

Define Assets, Liabilities, and Owner’s Equity, Stockholders Equity, Partnership and its differences

Define Current Assets v. Non-current Assets

Define Current Liabilities v. Long-term Liabilities

Define: Balance Sheet

Current Assets

- Cash
- Cash Equivalent
- Accounts Receivable
- Inventory
- Prepaid Asset

Non-Current Assets

- PPE (Define and give examples)

Liabilities

- Accounts Payable
- Give example of long term liabilities

Equity

- Drawings
- Capital Stock
- Additional Paid in Capital
- Retained Earnings
Define: Income Statement

- What is Gross receipts/Gross revenue and difference

- Cost of Sales
- Gross income
- What is an income
- What is an expense
- Interest expense
- Representation Expense
- Depreciation Expense
- Depletion Expense
- Difference between allowance for bad debts and bad debts expense
- Donations
- Utilities Expense
- Salaries and Wages
- Transportation Expense
- Define Net Income
- Earnings before income tax
- Provision for income tax
- Net income
- Net income
- Research and Development
- Pension Trust