AGEC 318 Study Guide - Final Guide: Financial Statement, Matching Principle, Economic Order Quantity

• School: Kansas State University
• Department: Agricultural Economics
• Course: AGEC 318
• Professor: Keith Harris

Document Summary

Understand external users and internal users and how they use accounting information differently. Know the three types of business (not organizational forms) and be able to distinguish those different types of businesses. Know the three organizational forms of business, or how a business can organize, and be able to distinguish the differences between the three. Know the importance of fasb concept statement #8. Know the definition of the 6 general accounting concepts, or principles. Know what gaap is and who it applies to. Understand the five control procedures and compensating controls. Expenditure cycle: know steps in the expenditure cycle, be able to calculate interest expense based on apr, understand when a company should take advantage of or forgo a purchase discount. Conversion cycle: know steps in the conversion cycle, know which types of businesses the conversion cycle applies to. Know and be able to calculate parts from the accounting equation.