ADMS 2500 Lecture Notes - Lecture 3: Historical Cost, Forego, Accounts Payable

• School: York University
• Department: Administrative Studies
• Course: ADMS 2500
• Professor: Romi Lee Sevel

Document Summary

2. post it, journalizing and posting is kinda of the same thing in manual accounting cycle. 4. accruing is when you recognize a expense or revenue in the current period and the cash is exchange in the future. Deferring: is when you put off recognizing a expense or revenue even tho cash has been exchanged. Always going to put something into asset first unless you"re preparing financial statements for things that have already happened. Depreciation: rationale and systematically move over to income statement. Accumulated depreciation is a contra asset account. The key to cases is technique and practise. Cpa final exams use case methods, all done through cases. Often requires a recommendation rather than an answer. 1/3, 1/3, 1/3 rule (split between reading, analysis, write-up) Turn case into random access data base. Efficient write-up: headings, bulleted lists, minimize narrative. Take a care writing course or self study on the web. Case analysis improves with practise (should build into study plan)