Class Notes for Accounting at Michigan State University

Auditing Lecture Notes Chapter Four Professional Ethics 15e Opening Vignette Discussion Auditor wants to buy stock in his own successful client! Not allowed. Great privacy with the client. Discussion Topic Staff accountant...

Auditing Lecture Notes May 16 2016th Chapter One Demand for Audit Assurance Services why do we even have the assurance services? World com opening story, should always be read. Do not feel the need to memorize the details...

1Auditing Lecture Notes May 18 2016th Chapter Three Audit Reports 15 ed. Vignette Discussion Always make sure audit is completely appropriately done before report is issued CPAs usually experience lack of time to devote t...

Auditing Lecture Notes Chapter Two The CPA Profession 15e Vignette Discussion CPA Firms 4 Types (Table 21..pg. 26) 2011. 1. Big Four at first you learned a lot 2. National 3. Reginal Plante Moran. Moss Adams, BKD. 4. Large...

RE ZZ Chapter 21: Lessee Accounting Estimate (Prospectively): If capitalize lease: No entry to record correction, just record going Record depreciation and treat lease payments like forward. interest and principle. Reporti...

Professor C.L. Ballard Fall Semester, 2015 ECONOMICS 201 IMPORTANT CONCEPTS FROM THE FIRST PART OF THE COURSE I. Introductory Concepts A. Economics is the study of how society chooses to use its scarce resources. When we s...

Accrued interest= (Annual Coupon Duration is shorter than maturity *b= plowback ratio (1Dividend PMT)2 * (Days since last coupon for all bonds except zero coupon Payout ratio) PMTS) (days separating coupon bonds (its =) PM...

Bank Discount Rate (Tbills): rBD (10,000P10,000) * (360n) Asked Price: (1Discount) * 10,000 Bond Equivalent Yield: rBEY(10,000P)(P) * (365n) Effective Annual Yield: rEAY[1+(10,000PP)] 365n1 Breakeven Taxable Return: rtaxab...

Income Statement (in thousands) Revenues: Sales 285,000 Interest revenue 17,000 Total revenue 302,000 Expenses: Cost of goods sold 149,000 Selling expense 10,000 Administrative expense 43,000 Interest expense 21,000 Incom...

Accrued Liabilities and Contingent Liabilities (p119) Wednesday, December 16, 2015 12:36 AM Business Background • Businesses finance the acquisition of their assets from two external sources 1. Funds supplied ...

Time Value of Money (p124) Wednesday, December 16, 2015 12:36 AM Time Value of Money • The value of money is not independent of when it is received Interest • Benefit from lending money • Cost of borrowing money ...

Stockholder's Equity (p141) Tuesday, December 15, 2015 8:54 PM Contributed Capital • Raised from investors Retained Earnings • Undistributed profits Capital Stock • Authorized ○ Maximum number of...

Employee Stock Options (p165) Wednesday, December 16, 2015 12:36 AM ESOs • Call options on the employer's stock ○ Exercise Price § Price per share at which owner of a traded option is entitled ...

Bonds (p136) Wednesday, December 16, 2015 12:36 AM Bonds are securities (sold) by a firm to others (creditors) to meet large cash needs of the firm Terminology • Bond issuer The firm issuing (selling) the...

International Accounting (p170) Wednesday, December 16, 2015 1:11 PM Various accounting standards used throughout the world • U.S GAAP ○ Issued by FASB ○ More standards ○ Less Flexibility ...

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

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...

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...