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Class Notes for Accounting at University of Massachusetts Amherst

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ACCOUNTG 331 Lecture 7: Chapter 7
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1. Chapter 7 Production budget (prepared by production department) Budgeted unit sales Add: desired ending finished goods inventory = Total needed Less: beginning finished goods inventory = Units produ...

Accounting
ACCOUNTG 331
Akisik Orhan
ACCOUNTG 331 Lecture Notes - Lecture 6: Budget, Income Statement, Profit Center
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1. Chapter 6 – Budgets and Budgeting Budgeting is a quantitative plan of acquiring and using economic resources to achieve goals set by management in a certain period of time 1. Starting point is sales budget Cl...

Accounting
ACCOUNTG 331
Akisik Orhan
ACCOUNTG 331 Lecture Notes - Lecture 5: Cost Accounting
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1. Chapter 5 Activity-based costing (ABC) 1. Can be one action or a combination of actions 2. Characteristics of ABC 1. 1. Most, not all, manufacturing costs are assigned to products ...

Accounting
ACCOUNTG 331
Akisik Orhan
ACCOUNTG 321 Lecture Notes - Lecture 11: Asset, Inventory Turnover, Asset Turnover
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1. Chapter 5 part 3 - Ratios Profitability analysis using financial ratios 1. Ratios help to evaluate a firm’s performance and financial position 2. Is net income of $4 million a cause for shareholders to c...

Accounting
ACCOUNTG 321
J.Mc Callen
ACCOUNTG 321 Lecture 10: Chapter 5 pt.2
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Chapter 5 pt. 2  Special Issues with the Revenue Recognition Process o Identifying the contract  Contracts can be explicit or implicit, oral or written  A contract exists only if it:  Has commercial substance  ...

Accounting
ACCOUNTG 321
J.Mc Callen
ACCOUNTG 321 Lecture 9: Chapter 5 pt.1
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Chapter 5 – revenue recognition and profitability analysis  Revenue – how much can I recognize and when can I recognize it? o Prior GAAP: the realization principle required that revenue be recognized when the earnings ...

Accounting
ACCOUNTG 321
J.Mc Callen
ACCOUNTG 321 Lecture 7: Chapter 4 pt.1
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Chapter 4  Income statement overview o Reports changes over the period  a year for annual financial statement (10-K) or a quarter for quarterly financial statements (10-Q) o Net Income – sometimes differentiated bet...

Accounting
ACCOUNTG 321
J.Mc Callen
ACCOUNTG 321 Lecture 8: Chapter 4 pt.2
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Chapter 4 part 2  Accounting changes o Accounting changes fall into one of three categories:  Change in accounting principle  Change in estimate  Change in reporting entity o Correction of an error is another ad...

Accounting
ACCOUNTG 321
J.Mc Callen
ACCOUNTG 321 Lecture Notes - Lecture 6: Financial Statement Analysis, Operational Risk, Credit Risk
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Chapter 3 Part 2  Risk Analysis o Goal is to gain a glimpse of the future from past and present data using various tools and techniques o Comparative financial statements  Allow financial statement users to compare ...

Accounting
ACCOUNTG 321
J.Mc Callen
ACCOUNTG 321 Lecture Notes - Lecture 5: Current Asset, Current Liability, Balance Sheet
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Chapter 3 Part 1  Balance sheet: usefulness and limitations o Usefulness:  Liquidity – a company’s ability to pay its current obligations  Long-term solvency – indications riskiness of a company with regard to the ...

Accounting
ACCOUNTG 321
J.Mc Callen
ACCOUNTG 321 Lecture Notes - Lecture 3: General Ledger, Deferral, Deferred Income
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find more resources at oneclass.com Chapter 2  Accounting equation o Assets = Lia▯ilities + O▯▯e▯s’ E▯uity o Assets = total economic resources o Lia▯ilities + O▯▯e▯s’ E▯uity = total ▯lai...

Accounting
ACCOUNTG 321
J.Mc Callen
ACCOUNTG 321 Lecture Notes - Lecture 2: International Accounting Standards Committee, Financial Accounting Foundation, Governmental Accounting Standards Board
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find more resources at oneclass.com Chapter 1 Part 2  The development of financial accounting and reporting standards o Generally Accepted Accounting Principles (GAAP) o A set of both broad and s...

Accounting
ACCOUNTG 321
J.Mc Callen
ACCOUNTG 321 Lecture Notes - Lecture 4: Operating Cash Flow, Current Liability, Income Statement
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find more resources at oneclass.com Chapter 2 Part 2  Preparing an adjusted trial balance o Trial balance after adjusting entries have been recorded  Preparation of financial statements – primary means o...

Accounting
ACCOUNTG 321
J.Mc Callen
ACCOUNTG 331 Lecture 4: Chapter 4
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Chapter 4: Job Order Costing 1. What is costing? 2. Elements of a costing system o a) Cost accumulation: job costing and process costing o b) Cost measurement: actual costing, normal costing o c) Manufacturing overhead all...

Accounting
ACCOUNTG 331
Akisik Orhan
ACCOUNTG 321 Lecture Notes - Lecture 1: Financial Statement, Cash Flow, Mutual Fund
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find more resources at oneclass.com Chapter 1 Part 1  Primary focus of financial accounting o Profit-oriented companies providing financial information to various external users ...

Accounting
ACCOUNTG 321
J.Mc Callen
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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