ART 1001 Lecture : 1001 Lecture 15rev FrRevol
Document Summary
Topics that will be covered on the final exam from old and new material are: Types of long-term assets, determine cost of pp&e assets, capitalizing or expensing expenditures, methods of depreciation (straight-line, units of activity, double declining), partial year depreciation, revisions of depreciation, disposal of plant assets, accounting for intangibles. Recording current liabilities (unearned revenues, sales taxes, payroll taxes, short-term notes payable, current maturities), presentation of current liabilities. Advantages and disadvantages of bonds, types of bonds, bond trading, bond interest calculations, journal entries for bonds. Accounting terminology, forms of businesses, business activities, financial statements (income statement, stmt of retained earnings, balance sheet) 3 forms of business: proprietorship, owned by one; owner controlled, simple to establish, tax advantage, partnership, share controlled; more skills and resources, simple to establish, tax advantage, corporation, easy transfer ownership and raise funs, no liability for stockholders. Accounting- information system that identifies, records, and communicates economic events to users.
