accounting formulas cheat sheet
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The basic accounting equation' is the foundation for thedouble-entry bookkeeping system. For each transaction, the total debits equal the total credits.
- Assets = Liabilities + Capital
In a corporation, capital represents the stockholders' equity.
Bold text'[Italic text] ==How it works== For example: A student buys acomputer for $945. This student borrowed $500 from his best friend and spent another $445 earned from his part-time job. Now his assets are worth $945, liabilities are $500, and equity $445.
The formula can be rewritten:
- Assets âˆ’ Liabilities = (Shareholders or Owners equity or Capital)
Now it shows owner's interest is equal to property (assets) minus debts (liabilities). Since in a company owners are shareholders, owner's interest is called shareholder's equity. Every accountingtransaction affects at least one element of the equation, but always balances. Simplest transactions also include:
This equation is part of the transaction analysis model, for which we also write
- Owners equity = Contributed Capital + Retained Earnings
- Retained Earnings = Net Income âˆ’ Dividends
- Net Income = Income âˆ’ Expenses
The equation resulting from making these substitutions in the accounting equation may be referred to as the expanded accounting equation, because it yields the breakdown of the equity component of the equation.
An elaborate form of this equation is presented in a balance sheet which lists all assets, liabilities, and equity, as well as totals to ensure that it balances.
Luca Pacioli is notable for including the first published description of the method of keeping accounts that Venetianmerchants used during the Italian Renaissance, known as the double-entry accounting system. However, recently some historians and experts feel that this was already being used by the Arabs and Muslim traders with whom the Venetians would have had contact. They argue that even though Luca Pacioli formally introduced it to Europe, the credit should still go to Eastern merchants who had been using it years before. This claim is yet to be accepted by the academic community as it forces a rethink of several other aspects in this field.
A worksheet is a sheet of paper, or on a computer, on which problems are worked out or solved and answers recorded.
Students in a school may have 'fill-in-the-blank' sheets of questions, diagrams, or maps to help them with their exercises. Students will often use worksheets to review what has been taught in class. A worksheet generator is a software program that generates problems, particularly in mathematics or numeracy. Such software is often used by teachers to make classroom materials and tests.
In accounting a worksheet often refers to a loose leaf piece of stationery from a columnar pad, as opposed to one that has been bound into a physical ledger book. From this, the term was extended to designate a single, two-dimensional array of data within a computerized spreadsheet program. Common types of worksheets used in business include financial statements, such as profit and loss reports. Analysts, investors, and accountants track a company's financial statements, balance sheets, and other data on worksheets.
In the Microsoft spreadsheet program Excel, a single document is known as a 'workbook' and by default each workbook contains three arrays or 'worksheets'. One advantage of such programs is that they can contain formulae so that if one cell value is changed, the entire document is automatically updated, based on those formulae.
A spreadsheet is a computer application that simulates a paper, accounting worksheet. It displays multiple cells that together make up a grid consisting of rows and columns, each cell containing alphanumeric text, numeric values or formulas. A formula defines how the content of that cell is to be calculated from the contents of any other cell (or combination of cells) each time any cell is updated. Spreadsheets are frequently used for financial information because of their ability to re-calculate the entire sheet automatically after a change to a single cell is made.
Visicalc is usually considered the first electronic spreadsheet (although this has been challenged), and it helped turn the Apple II computer into a success and greatly assisted in their widespread application. Lotus 1-2-3 was the leading spreadsheet when DOS was the dominant operating system. Excel now has the largest market share on the Windows and Macintosh platforms.
The word "spreadsheet" came from "spread" in its sense of a newspaper or magazine item (text and/or graphics) that covers two facing pages, extending across the center fold and treating the two pages as one large one. The compound word "spread-sheet" came to mean the format used to present book-keeping ledgersâ€”with columns for categories of expenditures across the top, invoices listed down the left margin, and the amount of each payment in the cell where its row and column intersectâ€”which were, traditionally, a "spread" across facing pages of a bound ledger (book for keeping accounting records) or on oversized sheets of paper ruled into rows and columns in that format and approximately twice as wide as ordinary paper.
Batch spreadsheet report generators
A batch 'spreadsheet' is indistinguishable from a batch compiler with added input data, producing an output report (i.e. a 4GL or conventional, non-interactive, batch computer program). However, this concept of an electronic spreadsheet was outlined in the 1961 paper "Budgeting Models and System Simulation" by Richard Mattessich. The subsequent work by Mattessich (1964a, Chpt. 9, Accounting and Analytical Methods) and its companion volume, Mattessich (1964b, Simulation of the Firm through a Budget Computer Program) applied computerized spreadsheets to accounting and budgeting systems (on mainframe computers programmed in FORTRAN IV). These batch Spreadsheets dealt primarily with the addition or subtraction of entire columns or rows (of input variables) - rather than individual 'cells'.
In 1962 this 'concept' of the spreadsheet (called BCL for Business Computer Language) was implemented on an IBM 1130 and in 1963 was ported to an IBM 7040 by R. Brian Walsh at Marquette University, Wisconsin. This program was written in Fortran. Primitive timesharing was available on those machines. In 1968 BCL was ported by Walsh to the IBM 360/67 timesharing machine at Washington State University. It was used to assist in the teaching of finance to business students. Students were able to take information prepared by the professor and manipulate it to represent it and show ratios etc. In 1964, A book entitled Business Computer Language written by Kimball, Stoffells and Walsh and both the book and program were copyrighted in 1966 and years later that copyright was renewed
In the late 60's Xerox used BCL to develop a more sophisticated version for their timesharing system.
LANPAR spreadsheet compiler
Key invention in the development of electronic spreadsheets was made by Rene K. Pardo and Remy Landau, who filed in 1971 on spreadsheet automatic natural order recalculation algorithm in 1970. While the patent was initially rejected by the patent office as being a purely mathematical invention, following 12 years of appeals, Pardo and Landau won a landmark court case at the CCPA (Predecessor Court of the Federal Circuit) overturning the Patent Office in 1983 - establishing that "something does not cease to become patentable merely because the point of novelty is in an algorithm." However, in 1995 the United States Court of Appeals for the Federal Circuit ruled the patent unenforceable.
The actual software was called LANPAR - LANguage for Programming Arrays at Random. This was conceived and entirely developed in the summer of 1969 following Pardo and Landau's recent graduation from Harvard University. Co-inventor Rene Pardo recalls that he felt that one manager at Bell Canada should not have to depend on programmers to program and modify budgeting forms, and he thought of letting users type out forms in any order and having computer calculating results in the right order. The software was developed in 1969.
LANPAR was used by Bell Canada, AT&T and the 18 operating telcos nationwide for their local and national budgeting operations. LANPAR was also used by General Motors. Its uniqueness was the incorporation of natural order recalculation, as opposed to left-to-right, top to bottom sequence for calculating the results in each cell that was used by Visicalc, Supercalc and the first version of Multiplan. Without natural order recalculation the users had to manually recalculate the spreadsheet as many times as necessary until the values in all the cells had stopped changing.
The LANPAR system was implemented on GE400 and Honeywell 6000 online timesharing systems enabling users to program remotely via computer terminals and modems. Data could be entered dynamically either by paper tape, specific file access, on line, or even external data bases. Sophisticated mathematical expressions including logical comparisons and "if/then" statements could be used in any cell, and cells could be presented in any order.
Autoplan/Autotab spreadsheet programming language
In 1968, three former employees from the General Electric computer co
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Answers:There are over 300 built in functions in Excel. Here is a link to an excellent site that has all kinds of good information: http://www.cpearson.com/excel/topic.aspx Any book by John Walkenbach is worth the money spent. He has books on all aspects of Excel, all versions.
Answers:how big can the cheat sheet be? some teachers say only one paper, and index card, etc. just write everything you think you would need to know on it and if you can only use an index card or something small, then write really small.
Answers:Sounds pretty bad. After all that i'm pretty convinced you didn't cheat. It's kind of understandable that someone thinks you're cheating when they see a perfect assignment. But if you even offer to do the work in front of her, I don't see what the problem is. If it bothers you that much you should probably take up the matter with someone higher up - like the school principal or someone. Or else, just forget it, she's probably jealous of you..take no notice. hmm, and i don't think a monkey could do those Excel functions :)
Answers:In your second sheet in A1 type =Sheet1!A1 You can quickly do this by typing = in the cell, then navigating to the source sheet with your mouse, and pressing Enter. You can also do calculations:- =SUM(Sheet1!A1:Sheet1!A20)