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Class Notes for Accounting at Illinois State University

ACC 131 Lecture Notes - Lecture 8: Reserve Requirement, Dont, Quick Ratio
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ACC 131 Chapter 8 Current and Contingent Liabilities Recognition and Measurement of Liabilities -Liabilities are probable future sacrifices of economic benefit. ** Typically give up cash, but n...

Accounting
ACC 131
Seipp
ACC 131 Lecture Notes - Lecture 3: Accrual, Accounting Information System, Accounting
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ACC131 Chapter 3 Accrual Accounting Learning Objective 1. Explain the difference between cash-basis and accrual-basis accounting. 2. Explain how the time-period assumptio...

Accounting
ACC 131
Seipp
ACC 131 Lecture Notes - Lecture 4: Bank Reconciliation, Cash Cash, Bank Statement
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ACC131 Chapter 4 Notes Internal Control and Cash Review- Rest of semest...

Accounting
ACC 131
Seipp
ACC 131 Lecture Notes - Lecture 7: Fixed Asset, Land Development, Historical Cost
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ACC 131 Chapter 7 Operating Assets Understanding Operating Assets ▪ Operating assets are the long-lived assets that are used by the company in the normal course of operations. ▪ Instead, operating assets are use...

Accounting
ACC 131
Seipp
ACC 131 Lecture Notes - Lecture 7: Intangible Asset, Fixed Asset, Historical Cost
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Chapter 7 (12 conceptual multiple choice, 5 multiple choice problems) What is the definition of accumulated depreciation Accumulated depreciation, which represents the total amount of depreciation expe...

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

ACC131 Chapter 2 Online Homework Exercise 2-49 (Algorithmic) Journalizing Transactions Kauai Adventures rents and sells surfboards, snorkeling, and scuba equipment. During March, Kauai engaged in the following transactions...

Accounting
ACC 131
Seipp
ACC 131 Lecture Notes - Lecture 2: Trial Balance, Accounts Payable, Retained Earnings

Chapter 2: The Accounting Information System Fundamental Accounting Concepts  An understanding the procedures that companies use to record information about business activities ...

Accounting
ACC 131
Seipp
ACC 131 Lecture 1: ACC131 Chapter 1 Notes

What is accounting? Accounting is the process of identifying, measuring, recording, and communicating financial information about a companys business activities so decision makers can make informed decisions. Accounting in...

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

ACC 131 CH 9 LONG-TERM LIABILITIES Long-Term Liabilities  Long-term debt- obligations extending beyond a year, based on formal agreement/contract o Bonds, long-term notes, debentures, capital leases Bon...

Accounting
ACC 131
Professor Smith
ACC 131 Lecture Notes - Lecture 7: Financial Statement, Macrs, Relate

ACC 131 CH 7 NOTES Operating Assets  Long-lived assets  Not sold to customers  Used in the normal course of operations to generate revenue  Divided into 3 segments:  Fixe...

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

ACC 131 CH 10 NOTES- STOCKHOLDER’S EQUITY Stockholders’ Equity  Stockholders’ Equity- represents owners’ claims against assets of business after liabilities are deducted o On balance sheet o ...

Accounting
ACC 131
Professor Smith
ACC 131 Lecture Notes - Lecture 8: Reserve Requirement, Current Liability, Financial Statement

ACC 131 CH 8 NOTES Liabilities  Liabilities - profitable future sacrifices o Future outflow assoc. w/ liability is not always pmt of cash o May not be known with certainty o May not ...

Accounting
ACC 131
Professor Smith
ACC 131 Lecture Notes - Lecture 6: Income Statement, Gross Profit, Fifo (Computing And Electronics)

ACC 131 CH. 6 NOTES Cost of goods sold model  Involves allocation of cost of goods available for sale between ending inventory & cost of goods sold o Beginning inventory + purchases = cost of g...

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

ACC 131 CH 5 NOTES  Income Statement o Sales revenue o (Cost of goods sold/operating margin) o (Operating expenses/operating income)  Balance sheet o Assets ...

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

CH 4 NOTES  Internal Control System o 5 elements are Monitoring, Control Activities, Risk Assessment, Control Environment, Communication Information o Policies est. by mgmt. t...

Accounting
ACC 131
Professor Smith
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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