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Introduction to Financial Accounting
Brock University
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Browse the full collection of course materials, past exams, study guides and class notes for ACTG 1P91 - Introduction to Financial Accounting at Brock University verified by our …

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Sohyung Kim

Yun Ke

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Class Notes

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ACTG 1P91 Lecture Notes - Lecture 1: Sole Proprietorship, Information Asymmetry, Financial Statement

Municipal government ex; city of st catherines. Hospitals, universities, and so on: sole proprietorship (for profit) 2 or more owners: corporation (for

ACTG 1P91 Lecture Notes - Lecture 1: Sole Proprietorship, Golden Goal, Double Taxation

There are 2 types of entities: a not-for-profit entity and a for-profit entity. Not-for-profit: the goal of this firm is not to make a profit rather it

ACTG 1P91 Lecture Notes - Lecture 1: Sole Proprietorship

Chapter 1 - introduction: types of entity. Municipal government, ex) city of st. catharines. Sole proprietorship [s. p. ](one owner), ex) paul"s lawn c

ACTG 1P91 Lecture Notes - Lecture 2: Retained Earnings, Current Liability, Deferral

Both: order of liquidity or reverse liquidity can be followed under the ifrs. Current assets: benefits will be realized within one year. E. g. cash, ac

ACTG 1P91 Lecture Notes - Lecture 2: Deferral, Current Liability, Share Capital

Assets: the resource that will provide future economic benefits. Current assets: benefits will be realized within one year. Cash: includes $ in checkin

ACTG 1P91 Lecture Notes - Lecture 3: Cash Cash, Accrual, Income Statement

Accrual basis: followed in tax accounting, has aspects of cash basis, when you look at the flow of inventory rather than the flow of cash. Cash basis:

ACTG 1P91 Lecture Notes - Lecture 3: Income Statement, Accrual, Deferral

Time assumption: we can cut time in small pieces ex; ending the year at dec 31. Accrual basis: followed in tax accounting and has aspects of cash basis

ACTG 1P91 Lecture Notes - Lecture 4: Deferral, Accrual

Two types of adjustments: deferral: cash in/out and then revenue/expense is incurred, accrual: revenue/expense is recognized/incurred first cash in/out

ACTG 1P91 Lecture Notes - Lecture 4: Deferral, Issued Shares, Accrual

Examples of defferal: prepaid expense, on 9/1/2017, you pay one-year premium of ,400 for 9/1/2017 8/31/2018. 1600: depreciation expense/amortization ex

ACTG 1P91 Lecture 5: Internal Control and Cash

Bank reconciliation: a process of matching a company"s cash records to the cash balance on a bank statement. This is a good internal control over cash.

ACTG 1P91 Lecture 14: Inventory

Inventory refers to products a company owns for the purpose of selling to customers. Retailers keep track of one account; merchandise inventory. Manufa

ACTG 1P91 Lecture 15: Inventory Part 2

ACTG 1P91 Lecture Notes - Lecture 17: Retained Earnings, Iphone 7, Ipad

To make our life easy, we assume that there is no income tax! This means any $ impact on cogs will reduce net income by the same amount. Important equa

ACTG 1P91 Lecture Notes - Lecture 18: List Of Auto Parts

Account receivable (a/r) represents money owed by entities to the firm on the sale of products on credit. A/r is typically executed by (1) generating a

ACTG 1P91 Lecture 19: Reeivables continued

ACTG 1P91 Lecture Notes - Lecture 20: Assab

ACTG 1P91 Lecture Notes - Lecture 22: Union Dues, Corporate Tax, Unemployment Benefits

Liabilities: obligations that require future sacrifices, either monetarily or non-monetarily. Sacrifice is due within a year: long-term. Current positi

ACTG 1P91 Lecture Notes - Lecture 23: Cash Flow, Interest Expense, Effective Interest Rate

Issued at discount: a company issues a bond with face value of ,000 with coupon rate of 5% on 12/31/2017. : note that bond price is determined by two f

ACTG 1P91 Lecture Notes - Lecture 24: Sri Lanka Administrative Service, Malaysia Digital Economy Corporation, Code Of Canons Of The Eastern Churches

ACTG 1P91 Lecture 26: CHAPTER 12_ STATEMENT OF CASH FLOWS (SCF)