[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"detail-sidebar-cat-1-en-105":3,"doc-seo-571788-105":53,"doc-detail-571788-en":120},{"code":4,"msg":5,"data":6},0,"success",[7,14,19,24,29,34,39,44,49],{"id":8,"doc_module":9,"doc_module_name":10,"category_name":11,"show_sort_weight":12,"slug":13},11,1,"Template","Presentations",90,"presentations",{"id":15,"doc_module":9,"doc_module_name":10,"category_name":16,"show_sort_weight":17,"slug":18},12,"Resumes",80,"resumes",{"id":20,"doc_module":9,"doc_module_name":10,"category_name":21,"show_sort_weight":22,"slug":23},14,"Invoices",70,"invoices",{"id":25,"doc_module":9,"doc_module_name":10,"category_name":26,"show_sort_weight":27,"slug":28},15,"Posters",60,"posters",{"id":30,"doc_module":9,"doc_module_name":10,"category_name":31,"show_sort_weight":32,"slug":33},16,"Social Media",50,"social-media",{"id":35,"doc_module":9,"doc_module_name":10,"category_name":36,"show_sort_weight":37,"slug":38},17,"Forms",40,"forms",{"id":40,"doc_module":9,"doc_module_name":10,"category_name":41,"show_sort_weight":42,"slug":43},18,"Letters",30,"letters",{"id":45,"doc_module":9,"doc_module_name":10,"category_name":46,"show_sort_weight":47,"slug":48},21,"Paper Templates",5,"papers-templates",{"id":50,"doc_module":9,"doc_module_name":10,"category_name":51,"show_sort_weight":4,"slug":52},158,"General","general-158",{"code":4,"msg":54,"data":55},"ok",{"site_id":56,"language":57,"slug":58,"title":59,"keywords":60,"description":61,"schema_data":62,"social_meta":113,"head_meta":115,"extra_data":117,"updated_unix":119},105,"en","accounting-cheat-sheet-part-4-read-online-free","Accounting Cheat Sheet - Part 4 - read online free","","Accounting Cheat Sheet by John Gillingham, CPA compiles core accounting mechanics and common financial statement relationships into a quick-reference format. It covers the accounting equation, T-accounts with debit/credit effects for assets, liabilities, equity, revenue, and expenses, and explains income statement structure. It summarizes balance sheet and income statement concepts, inventory costing approaches (lower of cost or market, FIFO, LIFO, average cost, periodic vs. perpetual), key principles and assumptions, interest formulas, bank reconciliation items, and several bookkeeping categories.",{"@graph":63,"@context":112},[64,80,95],{"@type":65,"itemListElement":66},"BreadcrumbList",[67,71,74,77],{"item":68,"name":69,"@type":70,"position":9},"https://docshare.wps.com","Home","ListItem",{"item":72,"name":10,"@type":70,"position":73},"https://docshare.wps.com/template/",2,{"item":75,"name":36,"@type":70,"position":76},"https://docshare.wps.com/template/forms/",3,{"item":78,"name":59,"@type":70,"position":79},"https://docshare.wps.com/template/accounting-cheat-sheet-part-4-read-online-free/571788/",4,{"url":78,"name":59,"@type":81,"author":82,"headline":59,"publisher":85,"fileFormat":88,"inLanguage":57,"description":61,"dateModified":89,"datePublished":89,"encodingFormat":88,"isAccessibleForFree":90,"interactionStatistic":91},"DigitalDocument",{"name":83,"@type":84},"404brain","Person",{"url":68,"name":86,"@type":87},"DocShare","Organization","application/pdf","2026-10-13",true,{"@type":92,"interactionType":93,"userInteractionCount":4},"InteractionCounter",{"@type":94},"ViewAction",{"@type":96,"mainEntity":97},"FAQPage",[98,104,108],{"name":99,"@type":100,"acceptedAnswer":101},"What is the accounting equation and how is equity related to assets and liabilities?","Question",{"text":102,"@type":103},"Assets = Liabilities + Equity, and equity is shown as Assets - Liabilities. The sheet frames this as the foundational relationship for bookkeeping.","Answer",{"name":105,"@type":100,"acceptedAnswer":106},"How do FIFO, LIFO, and average cost differ for inventory and cost of goods sold?",{"text":107,"@type":103},"FIFO assumes early purchases leave inventory first, LIFO assumes early purchases tend to stay in inventory, and average cost uses total cost divided by quantity to determine cost per unit. These approaches affect ending inventory and therefore cost of goods sold and net income.",{"name":109,"@type":100,"acceptedAnswer":110},"What items are typically included in a bank reconciliation?",{"text":111,"@type":103},"Bank reconciliation compares the balance per bank plus deposits in transit and subtracts outstanding checks. Errors, fees, and returned items are then applied to reach the balance per books.","https://schema.org",{"og:url":78,"og:type":114,"og:title":59,"og:site_name":86,"og:description":61},"article",{"robots":116,"canonical":78},"index,follow",{"doc_id":118,"site_id":56},571788,1791923732,{"code":4,"msg":5,"data":121},{"doc_id":118,"user_id":122,"nickname":83,"user_avatar":123,"doc_module":9,"category_id":35,"category_name":36,"doc_title":59,"doc_description":61,"doc_content":124,"file_id":125,"file_url":126,"file_type":127,"file_size":128,"view_count":4,"is_deleted":4,"is_public":9,"is_downloadable":9,"audit_status":9,"page_count":129,"language":130,"language_code":57,"site_id":56,"html_lang":57,"table_of_contents":131,"faqs":132,"seo_title":133,"seo_description":61,"update_tm":119,"read_time":76},1099529839291,"https://ap-avatar.wpscdn.com/davatar_6f874abed73319feea01a86fa6f0fab8","Accounting Cheat Sheet  \nby John Gillingham, CPA All Rights Reserved  \nLearn Now  \nVisit [accountingplay.com](accountingplay.com) to learn accounting online for free  \n[AccountingPlay.com](AccountingPlay.com)[ ](AccountingPlay.com)Apps | Downloads | Books  \n Accounting Cheat Sheet  \nby John Gillingham, CPA All Rights Reserved  \nDIAGRAM OF T-ACCOUNTS  \nBalance Sheet as of 12/31/2100  \nAssets  \n| T-Account |  |\n| --- | --- |\n| Debit | Credit |\n\n= Liabilities + Equity  \nIncome Statement, year ended 12/31/2100  \n= Net income increases RE   \nPro or lossfit recorded  to Reta ined Earnings  \nACCOUNTING EQUATION  \nEquation  \nAssets = Liabilities + Equity Equity = Assets-Liabilities  \nCost of Goods Sold (COGS)  \nBeginning inventory + Purchases ~~ ~~ Ending inventory  \nCost of Goods Sold (COGS)  \nJournal Entry  debit credit   \nCash 100  \nCommon stock 100  \nReceive cash for common stock  \nGross Profit  \nRevenue  \n-COGS  Gross Profit  \nRevenue x (1-Gross profit rate)  \nCOGS  \nMETHODS & ORGS  \nAccrual basis Follows the matching principle and recognizes transactions as they occur (GAAP Method)  \nCash basis Recognizes transactions when cash or equivalentshave been exchanged (Not GAAP)  \nUS-GAAP Generally Accepted Accounting Principles system established by FASB that governs financial reporting  \nIFRS International Financial Reporting Standards Financial reporting standard adopted widely outside of US (No LIFO permitted, different FMV valuation permitted)  \nINVENTORY  \nValuation at lower of cost or market  \nHigher ending inventory = Lower Cost of Goods Sold Lower Cost of Goods Sold = Higher Net Income  \nFIFO First In First Out  \nEarly purchases come out of inventory first  \nLIFO Last In First Out  \nEarly purchases tend to stay in inventory  \nAverage cost Total cost / Quantity = Cost per unit Perpetual inventory tracked in real time  \nPeriodic inventory tracked by counting at end of period  \nDEBITS & CREDITS  \n\n| Increases & Decreases\u003Cbr>Bolded: Natural balance | Increase | Decrease |\n| --- | --- | --- |\n|  |  |  |\n| Balance Sheet |  |  |\n| Asset | debit | credit |\n| Contra asset | credit | debit |\n| Contra assets: Accumulated depreciation, |  |  |\n| Allowance for doubtful accounts |  |  |\n|  |  |  |\n| Liability | credit | debit |\n|  |  |  |\n| Equity | credit | debit |\n| Contra equity | debit | credit |\n| Contra equity: Treasury stock |  |  |\n|  |  |  |\n| Income Statement |  |  |\n| Revenue | credit | debit |\n| Most transactions: Typically credits |  |  |\n|  |  |  |\n| Expense | debit | credit |\n| Most transactions: Typically debits |  |  |\n\n[AccountingPlay.com](AccountingPlay.com)[ ](AccountingPlay.com)Apps | Downloads | Books  \n Accounting Cheat Sheet  \nby John Gillingham, CPA All Rights Reserved  \nPRINCIPLES, GUIDELINES, ASSUMPTIONS  \nComparability  \nConservatism  \nConsistency  \nConstraints  \nCost principle Economic entity Full disclosure Going concern Matching  \nMateriality Monetary unit Relevance  \nReliability Revenue recognition Time period  \n Financial statements must be comparable period to period  Considers all risks | strict rules  \n Same accounting methods year to year  \n Information has a cost/benefit and is material  \n Keep costs at purchase price or lower (lower of cost or market)  Maintain separate records for each entity  \n Provides detailed information in addition to financial statements  Assume business is going to and has capability to continue  \n Recognize cost the same time as benefit  Significance to the overall financial picture  \n Currency is used to record transactions and is assumed to be constant  Financial reporting has predictive, feedback, and timeliness value  \n Financial reporting is neutral, valid, and verifiable  Conditions of how an organization records revenue  Report financial activity in specific time periods  \nTEST VOCABULARY  \nCost basis Disposition Gross | Net Goodwill Net asset value NSF  \nPrincipal Unrealized gain | loss Unrealized calculation  \n Original cost of investment minus prior accumulated depre","cbCaieuvEtLsTJ56","https://ap.wps.com/l/cbCaieuvEtLsTJ56","pdf",425678,9,"English","# Diagram of T-Accounts\n## Accounting equation\n# Income Statement\n## Revenue, COGS, and gross profit relationships\n# Methods & Organizations\n## Accrual vs cash basis\n## US-GAAP vs IFRS\n# Inventory\n## Lower of cost or market\n## FIFO, LIFO, and average cost\n# Debits & Credits\n## Natural balances by statement item\n# Principles, Guidelines, Assumptions\n## Core qualitative characteristics\n# Test Vocabulary\n## Key accounting terms\n# Interest Formulas\n## Monthly and compound interest\n# Bank Reconciliation\n## Items affecting balance per bank and books\n# Sole Proprietorship, Partnership, and LLC\n## Ownership and liability notes","[{\"question\":\"What is the accounting equation and how is equity related to assets and liabilities?\",\"answer\":\"Assets = Liabilities + Equity, and equity is shown as Assets - Liabilities. The sheet frames this as the foundational relationship for bookkeeping.\"},{\"question\":\"How do FIFO, LIFO, and average cost differ for inventory and cost of goods sold?\",\"answer\":\"FIFO assumes early purchases leave inventory first, LIFO assumes early purchases tend to stay in inventory, and average cost uses total cost divided by quantity to determine cost per unit. These approaches affect ending inventory and therefore cost of goods sold and net income.\"},{\"question\":\"What items are typically included in a bank reconciliation?\",\"answer\":\"Bank reconciliation compares the balance per bank plus deposits in transit and subtracts outstanding checks. Errors, fees, and returned items are then applied to reach the balance per books.\"}]","Accounting Cheat Sheet - Part 4 - read online free | PDF"]