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Class Notes for Accounting at Central Michigan University

Exam Study Guides for Accounting Courses

Covers all exam topics.

ACC 250 Lecture Notes - Lecture 17: Accounts Payable, Current Liability, Financial Statement
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Practice Accounting Questions: 1. Jason Hansen has invested $600,000 in a privately held family corporation. The corporation does not do well and must declare bankruptcy. What amount foes Hansen stan...

Accounting
ACC 250
Michael Roethlisberger
ACC 250 Lecture Notes - Lecture 16: Promissory Note, Interest Expense
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Accounting April 24 th Chapter 10 continued Contingencies Events with uncertain outcomes that may represent potential liabilities. A common types of contingencies are: lawsuits, product warranties, environ...

Accounting
ACC 250
Michael Roethlisberger
ACC 250 Lecture Notes - Lecture 15: Payroll Tax, Current Liability, Promissory Note
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Accounting Notes April 19 2018 What is a current liability? A debt that a company expects to pay. 1. From existing current assets or through the creation of other current liabilities and 2. Within one year or the operating...

Accounting
ACC 250
Michael Roethlisberger
ACC 250 Lecture Notes - Lecture 14: Title Insurance, Financial Statement, Macrs
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th Accounting Notes April 12 : The Cost of Plant Assets Required: determine amount to be reported as the cost of the land. Land Cash price of property (100,000) 100,000 Net Removal cost of warehouse (6,000) 6,000 Attorneys...

Accounting
ACC 250
Michael Roethlisberger
ACC 250 Lecture Notes - Lecture 13: Perpetual Inventory, Income Statement, Gross Profit
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February 27 Accounting Notes Chapter 5 Merchandising Operations and the MultipleStep Income Statement Multiple Step Income statement: Key line items include: Gross profit, Income from operations, and net income. Now take n...

Accounting
ACC 250
Michael Roethlisberger
ACC 250 Lecture Notes - Lecture 12: Common Carrier, Operating Expense, Accounts Receivable
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Freight Costs: The sales agreement should indicate who the seller or buyer is and who is transporting the goods to the buyers place of business. When a common carrier transports the goods, the carriers prepared a freight...

Accounting
ACC 250
Michael Roethlisberger
ACC 250 Lecture Notes - Lecture 11: Perpetual Inventory, Operating Expense, Accounts Receivable
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Febuary 22 Notes: Periodic System: Do not keep detailed records of the goods on hand Cost of goods sold determined by count at the end of the accounting period. Calculation of cost of goods sold: ...

Accounting
ACC 250
Michael Roethlisberger
ACC 250 Lecture Notes - Lecture 10: Perpetual Inventory, Income Statement, Cash Register
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Chapter 5 Merchandising Operations and the Multiplestep income statement: textbook notes Walmart and Amazon are called merchandising companies because they buy and sell merchandise rather than perform services as their pri...

Accounting
ACC 250
Michael Roethlisberger
ACC 250 Lecture Notes - Lecture 9: Perpetual Inventory, Income Statement
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Chapter 5 Merchandising Operations and the Multi-Step Income Statement: Merchandising operations are when we buy and sell goods. Wholesaler RetailerConsumer The primary source of revenues is referred to as revenue or sal...

Accounting
ACC 250
Michael Roethlisberger
Accounting
ACC 250
Michael Roethlisberger
Accounting
ACC 250
Michael Roethlisberger
Accounting
ACC 250
Michael Roethlisberger
ACC 250 Lecture Notes - Lecture 5: Accrual, Deferral
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Accrual accounting concepts February 8h Types of Adjusting entries Deferrals: 1. Prepaid expenses: expenses paid in cash and recorded as assets before they are used or consumed. 2. Unearned revenues: cash r...

Accounting
ACC 250
Michael Roethlisberger
ACC 250 Lecture Notes - Lecture 6: Financial Statement, Trial Balance, Retained Earnings
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Accrued Expenses Expenses incurred but not yet paid in cash or recorded. Adjusting entry results in: Expenses recorded BEFORE Cash payment Accrued expenses often occur in regard to: Interest Taxes Utili...

Accounting
ACC 250
Michael Roethlisberger
ACC 250 Lecture Notes - Lecture 4: Retained Earnings, Accounting Equation, The Ledger
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ACC 250 Lecture January 30 th A balance sheet is an official financial statement while a trial balance is an inner company tool used by accountants to make sure their debits and credits are always equal. Transact...

Accounting
ACC 250
Michael Roethlisberger
Permachart - Marketing Reference Guide: Statement Of Changes In Equity, Retained Earnings, Cash Cash

permacharts MT FINANCIAL STATEMENTS • Financial statements are documents that are BALANCE SHEET (B/S) STATEMENT OF RETAINED EARNINGS (SRE) ...

Accounting
ACTG 2010
All Professors
Accounting II - Reference Guides

Advance your knowledge with our advanced Accounting II! This companion Guide to Accounting I develops the reader’s understanding of balance sheets before moving into an effective summary of how assets are treated for accou...

Accounting
ACTG 2010
All Professors
Cost Accounting - Reference Guides

Specialized Accounting quick reference information in one handy place! This Guide provides specialized reference material that flows naturally from the contents of its companion Guides Accounting I and Accounting II. The t...

Accounting
ACTG 2010
All Professors

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