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Accounting 101 Cheat Sheet

accounting 101 cheat sheetHow many of you maintain a "Cheat Sheet" for quick reference. We're talking about anything from how to figure out GPM to Mark-up or even current ratio (and everything in-between)? I assume anonymous will prevail here as the key responder, but let's face it: Not all CFO's are accountants (nor do they need to be) Not all CFO's are strong accountants Not all CFO's remember every aspect of accounting or have kept up with GAAP changes in areas they've never used (I just had to buy a textbook to learn all the changes in consolidations - it's changed greatly since the last non-wholly owned consolidation I did). How many CFO's who haven't dealt with inventory (if ever) really remember the inventory formula? So be honest (and anonymous) - who keeps a "Cheat Sheet" or bookmark of the Accounting 101 topics?

Answers

Ernie Humphrey CTP
Title: CEO & COO
Company: Treasury Careers
LinkedIn Profile
(CEO & COO, Treasury Careers) |

If you have a cheat sheet, please share what is on it for those of us who openly admit we need one!

Topic Expert
Wayne Spivak
Title: President & CFO
Company: SBAConsulting.com
LinkedIn Profile
(President & CFO, SBAConsulting.com) |

Footnote: Remembering the concepts and remembering the formula's are different. Even so, I usually have the concept there just to make sure I'm applying the current definition.

I have bookmarked most of the ratio's that I never use but need to include in some financial reports. Sure I live with Current Ratio, and Turnovers (even though its on my list) but I don't remember DxO, CCC and the 20 or so ratio's I use to teach in Accounting 101.

I keep NPV and some other finance formula's (from Fin101), since I don't use them that often.

There are more, but it depends on what I need. For example, how to's for certain excel functions.

Anis Zainuddin
Title: Relationship Manager
Company: US Bancorp Fund Services
LinkedIn Profile
(Relationship Manager, US Bancorp Fund Services) |

Please share the Cheat Sheet you are talking about

Topic Expert
Wayne Spivak
Title: President & CFO
Company: SBAConsulting.com
LinkedIn Profile
(President & CFO, SBAConsulting.com) |

This is an abbreviated list: Investopedia, accountingtools.com and accountingcoach.com. For excel issues https://exceljet.net/keyboard-shortcuts and http://www.excel-easy.com/data-analysis/charts.html, Microsoft and of course doing a search brings you more resources that you can shake a stick at!

Roger Poor
Title: CFO - Consultant
Company: Easy Access, LLC
LinkedIn Profile
(CFO - Consultant, Easy Access, LLC) |

For fundamentals including simple examples, I use AccountingCoach.com. There is a free database, but in my opinion lifetime access to the "Pro" site is a good investment. For more technical reference I have alumni access to the EY Accounting Link site.

Ray Towle
Title: Senior Talent Consultant
Company: StaffingForce
(Senior Talent Consultant, StaffingForce) |

A great question Wayne, because, in my opinion, reviewing the basics is always appropriate, at all levels, and in any profession. I suggest this Link: http://www.accountingcoach.com/accounting-basics/explanation/1 . . . to me it seems to be both comprehensive and authoritative. All the Best!

Anonymous
(Human Resources Manager) |

I just signed up for the Accounting Coach.com and for $49 for all access forever it looks like a wonderful find! Thank you all for the great tips!

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