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Class Notes for ACC 131 at Illinois State University (ISU)

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ISUACC 131Professor SmithSpring

ACC 131 Lecture Notes - Lecture 9: Earnings Before Interest And Taxes, Accrual, Effective Interest Rate

OC9603887 Page
10 May 2016
10
Long-term debt- obligations extending beyond a year, based on formal agreement/contract: bonds, long-term notes, debentures, capital leases. Require bo
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ISUACC 131Professor SmithSpring

ACC 131 Lecture Notes - Lecture 4: Non-Sufficient Funds, Bank Statement, Bank Reconciliation

OC9603884 Page
10 May 2016
6
Internal control system: 5 elements are monitoring, control activities, risk assessment, control environment, Communication information: policies est.
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ISUACC 131SeippFall

ACC 131 Lecture Notes - Lecture 1: Income Statement, Trial Balance, Revenue Recognition

OC6566305 Page
25 Jan 2016
17
Accounting identifying, measuring, recording and communication financial info about company business so decisions makers can make informed decisions. P
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ISUACC 131ThomasFall

ACC 131 Lecture Notes - Net Income, Financial Statement, Income Statement

OC3003022 Page
2 Sep 2014
21
8/19/14: accounting definition- info system within a business, helps gather business transaction, process- Liquidity- the ability to pay debt when due.
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ISUACC 131Professor SmithSpring

ACC 131 Lecture Notes - Lecture 10: Dividend Policy, Stock Split, Treasury Stock

OC9603886 Page
10 May 2016
13
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ISUACC 131Professor SmithSpring

ACC 131 Lecture Notes - Lecture 1: Gross Margin, Profit Margin, Financial Accounting Standards Board

OC9603884 Page
10 May 2016
6
Year begins w/ balance sheet -> net income. Net income -> income statement increase retained earnings. Statement of cash flows explains change in cash
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ISUACC 131Professor SmithSpring

ACC 131 Lecture Notes - Lecture 5: Securitization, Gross Margin, Asset Management

OC9603884 Page
10 May 2016
13
Income statement: sales revenue, (cost of goods sold/operating margin, (operating expenses/operating income) Balance sheet o o o o o o o o o. Accrual-b
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ISUACC 131SeippFall

ACC 131 Lecture Notes - Lecture 8: Reserve Requirement, Dont, Quick Ratio

OC11241327 Page
15 Nov 2016
4
Acc 131 chapter 8 current and contingent liabilities. Liabilities are probable future sacrifices of economic benefit. Example: bp set aside money for l
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ISUACC 131Professor SmithSpring

ACC 131 Lecture Notes - Lecture 2: Accounting Equation, Financial Statement

OC9603883 Page
10 May 2016
17
Fundamental characteristics useful info should possess: relevance. Predictive value- info is capable of making a difference by helping users predict fu
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ISUACC 131SeippFall

ACC 131 Lecture Notes - Lecture 3: Accrual, Accounting Information System, Accounting

OC11241324 Page
15 Nov 2016
5
Chapter 3 accrual accounting: explain the difference between cash-basis and accrual-basis accounting, explain how the time-period assumption, revenue r
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ISUACC 131SeippFall

ACC 131 Lecture Notes - Lecture 7: Fixed Asset, Land Development, Historical Cost

OC11241329 Page
15 Nov 2016
2
Operating assets are the long-lived assets that are used by the company in the normal course of operations. Operating assets are divided into three cat
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ISUACC 131SeippFall

ACC 131 Lecture Notes - Lecture 2: Accounts Payable, Accounting Equation, Kauai

OC11241326 Page
15 Sep 2016
2
Kauai adventures rents and sells surfboards, snorkeling, and scuba equipment. During march, kauai engaged in the following transactions: March 2 receiv
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