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Class Notes for Accountancy at Arizona State University

ACC 231 Lecture Notes - Lecture 21: Financial Statement, Financial Analysis, Income Statement
24HR
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ACC 231 Lecture 21 Chapte 12 Financial analysis is the process of using a businesss financial statements, and other related information, to evaluate whether a business is creating value. Financial analysts are people who p...

Accountancy
ACC 231
Tait Rudd
ACC 231 Lecture Notes - Lecture 20: Stock Split, Dividend, Retained Earnings
24HR
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ACC 231 Lecture 20 Stock Review: Once the stock is traded in the secondary market there is no direct financial impact on the corporation. Classes or type of stock Common stockrepresents ownership (class A comes with voting...

Accountancy
ACC 231
Tait Rudd
ACC 231 Lecture Notes - Lecture 16: Food Truck, Natural Disaster
24HR
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ACC 231 Lecture 16 Long Term Assets Continued Best allocation method: Choose an allocation method that mimics the nature of the asset Straight line if service provided evenly over time (building) Units of production if ser...

Accountancy
ACC 231
Tait Rudd
ACC 231 Lecture Notes - Lecture 18: Retained Earnings, Underwriting, Authorised Capital
24HR
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ACC 231 Lecture 18 Corporations: Stockholders Equity Stockholders Equity Assets = Liabilities + Stockholders Equity Paid in Capital amount owners have invested Retained Earnings amount of earnings the corporation as kept i...

Accountancy
ACC 231
Tait Rudd
ACC 231 Lecture Notes - Lecture 24: Financial Statement, Private Equity, Financial Accounting Standards Board
24HR
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Final Exam Review ACC 231 What is accounting? We need a way to communicate a businesss profitability and financial health. This is called Financial Accounting (ACC231) We use accounting principles to record transactions an...

Accountancy
ACC 231
Tait Rudd
ACC 231 Lecture Notes - Lecture 15: Amortization Schedule
24HR
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ACC 231 Lecture 15 Assets Longterm assets: To be used by the entity on a continuing basisnot intended for sale in the ordinary course of business An asset that will be used for more than a year Fixed Assets have physical ...

Accountancy
ACC 231
Tait Rudd
ACC 231 Lecture Notes - Lecture 23: Net Income, Treasury Stock, Cash Flow
24HR
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ACC 231 Lecture 23 Exam Review Chapter 10 Stockholders Equity What does Stockholders Equity represent in the Accounting Equation? How much have owners invested in the company (common stock, preferred stock, paid in capital...

Accountancy
ACC 231
Tait Rudd
ACC 231 Lecture Notes - Lecture 17: Financial Institution, Accrued Interest, Promissory Note
24HR
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ACC 231 Lecture 17 Exam Review Bonds: BondsSometimes a firm (or government) needs to borrow more money than one financial institution can loan. The firm will sell bonds to the public. A promise to pay: 1)A sum of money at ...

Accountancy
ACC 231
Tait Rudd
ACC 231 Lecture Notes - Lecture 10: Gross Profit, Financial Statement, Inventory Turnover
24HR
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ACC 231 Lecture 10 Chapter 5 Inventory How are cost of goods sold (COGS) determined when a company makes a purchase on multiple items? Use inventory systems In order to value inventory we need to determine how well move c...

Accountancy
ACC 231
Tait Rudd
ACC 231 Lecture Notes - Lecture 7: Rei
24HR
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Chapter 4 Merchandiser Accounting Terms: Merchandiser sells physical goods: can be a wholesaler who sells to a retailer or may be the retailer themselves. Wholesaler purchases large quantities of physical goods and usually...

Accountancy
ACC 231
Tait Rudd
ACC 231 Lecture Notes - Lecture 12: Financial Statement, Current Liability, Promissory Note
24HR
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Exam Review: Exam 2 Thursday, March 1st. Review topics: 1. Record journal entries for the following transactions: a. Purchasing inventory from a supplier using credit or cash DR Inventory XX Credit Accts Payable or Cash XX...

Accountancy
ACC 231
Tait Rudd
ACC 231 Lecture Notes - Lecture 9: Perpetual Inventory, Income Statement, Retained Earnings
24HR
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ACC 231 Lecture 9 21318 Recap: Merchandiser sells physical goods: can be a wholesaler who sells to a retailer or may be the retailer themselves. A wholesaler purchases large quantities of physical goods and usually sells t...

Accountancy
ACC 231
Tait Rudd
ACC 231 Lecture Notes - Lecture 13: Bank Statement, Matching Principle, Internal Control
24HR
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ACC 231 Lecture 13 Chapter 7 Bank Recs and Receivables Level of Cash and Control of Cash: Level of cash not too little not too much Cash Cash Equivalents Working Capital=Short Term Assets less Short Term Liabilities Inter...

Accountancy
ACC 231
Tait Rudd
ACC 231 Lecture Notes - Lecture 11: Inventory Turnover, Enron Scandal, Blackboard
24HR
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ACC 231 Lecture 11 Chapter 6 Quick notes: As long as it is consistently applied, GAAP allows companies to use one of a handful of inventory costing methods. Three of those methods include the FIFO method, the LIFO method, ...

Accountancy
ACC 231
Tait Rudd
ACC 231 Lecture Notes - Lecture 14: Income Statement, Promissory Note, Accounts Receivable
24HR
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ACC 231 Lecture 14 Chapters 7 8 Measuring and Reporting Receivables: In general, Accounts Receivable should be reported at the amount that will turn into cash. When customers purchase on credit there is some risk that the...

Accountancy
ACC 231
Tait Rudd

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