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Class Notes for Accounting at University of Delaware

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ACCT352 Lecture 8: Chapter 39 REVIEW
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find more resources at oneclass.com 1. What are the advantages to forming a corporation? Limited legal liability -- corporation is liable for its own debts and obligations Shareholders are only liab...

Accounting
ACCT352
Alexander Virgil
ACCT352 Lecture 7: Chapter 15_16_19 REVIEW
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find more resources at oneclass.com Chapter 15 1. What is a unilateral mistake? Only one party is mistaken about a material fact 2. What is a bilateral mistake? Mistake made by both parties concerning a material fac...

Accounting
ACCT352
Alexander Virgil
ACCT352 Lecture 6: Chapter 13:14 REVIEW
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find more resources at oneclass.com Chapter 13 1. What is consideration? Something of legal value exchanged by the offeror and offeree that is bargained for so that it is the inducement for the parties to enter into a...

Accounting
ACCT352
Alexander Virgil
ACCT352 Lecture 4: Chapter 7 REVIEW
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find more resources at oneclass.com What is strict liability? Liability regardless of fault Under doctrine of strict liability, a person who engages in abnormally and inherently dangerous ...

Accounting
ACCT352
Alexander Virgil
ACCT352 Lecture 3: Chapter 3 REVIEW
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find more resources at oneclass.com CHAPTER 3 Define Litigation process A method for settling disputes in a court of law using a vehicle called a trial What is the Pretrial Litigation Proces...

Accounting
ACCT352
Alexander Virgil
ACCT352 Lecture 2: Chapter 2 REVIEW
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find more resources at oneclass.com CHAPTER 2 Who are the parties to a lawsuit? Plaintiff -- person who files a lawsuit Defendant -- person who is sued What is the role of the jury...

Accounting
ACCT352
Alexander Virgil
ACCT207 Lecture Notes - Lecture 12: Public Company Accounting Oversight Board, Cash Cash, Internal Control
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Fraud and the principles of internal control A dishonest act by employee that results in a benefit at the cost of the employer Opportunity, financial pressure, and rationalization contributes to ...

Accounting
ACCT207
Somerville Scott
ACCT207 Lecture Notes - Lecture 11: Cash Cash, Cash Flow, Income Statement
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Usefulness and format of the statement of cash flows Provides information to help assess entitys ability to generate future cash flows, pay dividends and meet obligations Assesses reasons for difference between net income ...

Accounting
ACCT207
Somerville Scott
ACCT207 Lecture Notes - Lecture 10: Preferred Stock, Common Stock, Retained Earnings
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Major characteristics of a corporation Classified by purpose: either not-for-profit or for profit Classified by ownership: either publicly held or privately held Advantages Separ...

Accounting
ACCT207
Somerville Scott
ACCT207 Lecture Notes - Lecture 9: Cash Register, Promissory Note, Current Liability
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Explain how to account for current liabilities Notes payable: written promissory note, usually requires interest A Bank lends $100,000 to Cole Co. on Sep. 1 who signs with 12%, four ...

Accounting
ACCT207
Somerville Scott
ACCT207 Lecture Notes - Lecture 8: Record Plant, Historical Cost, Asset Turnover
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Explain the accounting for plant asset expenditures Plant assets are resources that have physical substance, used in operations, not intended for sale, and provides service to company (except for land) The cost of plant as...

Accounting
ACCT207
Somerville Scott
ACCT207 Lecture Notes - Lecture 7: Jordache, Accounts Receivable, Current Asset
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Explain how companies recognize accounts receivable Amounts due from individuals/companies that are expected to be collected in cash Accounts: amounts customers owe on account that result from a sa...

Accounting
ACCT207
Somerville Scott
ACCT207 Lecture Notes - Lecture 6: Shoplifting, Current Asset, Financial Statement
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Discuss how to classify and determine inventory Merchandising company Merchandise inventory Manufacturing company Raw materials Work in process ...

Accounting
ACCT207
Somerville Scott
ACCT207 Lecture Notes - Lecture 5: Perpetual Inventory, Income Statement, Gross Profit
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Merchandising operations and inventory systems Merchandising companies buy and sell goods Wholesaler retailer consumer Merchandising company Income measurement ...

Accounting
ACCT207
Somerville Scott
ACCT207 Lecture Notes - Fall 2018 Lecture 4 - Earnings management, Deferral, Accrual
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Explain the accrual basis of accounting and the reasons for adjusting entries Accountants divide the economic life of a business into artificial time periods (Periodicity assumption) Ge...

Accounting
ACCT207
Somerville Scott
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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