ACCT 1220- Final Exam Guide - Comprehensive Notes for the exam ( 28 pages long!)
28 Mar 2018
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Repo(cid:396)ts the (cid:272)ha(cid:374)ges i(cid:374) ea(cid:272)h (cid:272)o(cid:373)po(cid:374)e(cid:374)t of sha(cid:396)eholde(cid:396)s" e(cid:395)uity du(cid:396)i(cid:374)g a pe(cid:396)iod of ti(cid:373)e. Sho(cid:449)s the assets, lia(cid:271)ilities a(cid:374)d sha(cid:396)eholde(cid:396)s" e(cid:395)uity at a spe(cid:272)ifi(cid:272) poi(cid:374)t i(cid:374) ti(cid:373)e. Order of preparation of statements: income statment statement of changes in equity statement of financial position statement of cash flows. Sho(cid:449)s the (cid:272)ha(cid:374)ges i(cid:374) ea(cid:272)h (cid:272)o(cid:373)po(cid:374)e(cid:374)t of sha(cid:396)eholde(cid:396)s" e(cid:395)uity fo(cid:396) the pe(cid:396)iod. (cid:396)epo(cid:396)ts the effe(cid:272)t o(cid:374) (cid:272)ash of the (cid:272)o(cid:373)pa(cid:374)y"s: operating activities. E(cid:374)di(cid:374)g (cid:271)ala(cid:374)(cid:272)es of ea(cid:272)h sha(cid:396)eholde(cid:396)s" e(cid:395)uity a(cid:272)(cid:272)ou(cid:374)t is (cid:396)epo(cid:396)ted i(cid:374) (cid:271)oth state(cid:373)e(cid:374)ts of fi(cid:374)a(cid:374)(cid:272)ial positio(cid:374) a(cid:374)d (cid:272)ha(cid:374)ges in equity. (cid:373)easu(cid:396)es a (cid:272)o(cid:373)pa(cid:374)y"s sho(cid:396)t te(cid:396)(cid:373) a(cid:271)ility of to pay its (cid:373)atu(cid:396)i(cid:374)g o(cid:271)ligations and to meet its unexpected needs for cash. (cid:373)easu(cid:396)e a (cid:272)o(cid:373)pa(cid:374)y"s a(cid:271)ility to su(cid:396)(cid:448)i(cid:448)e o(cid:448)er a long period of time: (cid:373)easu(cid:396)e a (cid:272)o(cid:373)pa(cid:374)y"s ope(cid:396)ati(cid:374)g su(cid:272)(cid:272)ess of fo(cid:396) a gi(cid:448)e(cid:374) pe(cid:396)iod of ti(cid:373)e. Ch 1 the purpose and use of financial statements. Accounting identifies and records the economic events of an organization and communicates to interested users.
