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Class Notes for AC 211 at Central Connecticut State University (CENTRAL)

CENTRAL, CCSUAC 211Juan WangSpring

AC 211 Lecture 7: Adjustments, Financial Statements, and Financial Results (Chapter 4)

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10 Mar 2017
0
Chapter 4: adjustments, financial statements, and financial results. Cash is not always received in the period in which the company earns the related r
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CENTRAL, CCSUAC 211Juan WangSpring

AC 211 Lecture 1: Business Decisions and Financial Accounting (Chapter 1 and Lectures 1-2)

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29 Jan 2017
6
Sole proprietorship: business is owned (and usually operated) by one individual, all profits and losses are part of owner"s taxable income and owner is
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CENTRAL, CCSUAC 211Juan WangSpring

AC 211 Lecture Notes - Lecture 5: Retained Earnings, Income Statement, Accrual

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15 Feb 2017
1
Operating activities are the day-to-day functions involved in running a business include buying goods and services from suppliers and employees and sel
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CENTRAL, CCSUAC 211Juan WangSpring

AC 211 Lecture 14: Merchandising Operations and the Multistep Income Statement (Part 3)

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10 Mar 2017
0
To show how much profit is earned from product sales, without being clouded by other operating costs, merchandise companies often present their income
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CENTRAL, CCSUAC 211Juan WangSpring

AC 211 Lecture 13: Merchandising Operations and the Multistep Income Statement (Part 2)

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10 Mar 2017
0
This approach is generally associated with a perpetual inventory system because it maintains an up-to-date balance in the inventory account at all time
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CENTRAL, CCSUAC 211Juan WangSpring

AC 211 Lecture 12: Merchandising Operations and the Multistep Income Statement (Part 1)

OC10757273 Page
10 Mar 2017
0
Operating cycles for any company to be successful, it must complete its operating cycle efficiently. The operating cycle is a series of activities that
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CENTRAL, CCSUAC 211Juan WangSpring

AC 211 Lecture 10: Fraud, Internal Control, and Cash (Part 2)

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10 Mar 2017
0
Cashiers collect cash and issue a receipt at the point of sale. Supervisors take custody of the cash at the end of each cashier"s shift and deposit it
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CENTRAL, CCSUAC 211Juan WangSpring

AC 211 Lecture 11: Fraud, Internal Control, and Cash (Part 3)

OC10757272 Page
10 Mar 2017
1
Bank reconciliation: process of using both the bank statement and the cash accounts of a business to determine the appropriate amount of cash in a bank
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CENTRAL, CCSUAC 211Juan WangSpring

AC 211 Lecture 9: Fraud, Internal Control, and Cash (Part 1)

OC10757272 Page
10 Mar 2017
0
An attempt to deceive others for personal gain. Corruption involves misusing one"s position for inappropriate personal gain. Financial statement fraud
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CENTRAL, CCSUAC 211Juan WangSpring

AC 211 Lecture Notes - Lecture 3: Accounting Equation, Accounts Payable, Accounting Information System

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8 Feb 2017
1
Building a balance sheet from business activities. Key activity for start-up is to obtain financing: equity (owners" contributions and reinvestments of
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