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Verified Documents at University of Waterloo

Browse the full collection of course materials, past exams, study guides and class notes for AFM101 - Introduction to Financial Accounting at University of Waterloo verified by …
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PROFESSORS
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Haihao Lu
fall
30

Verified Documents for Haihao Lu

Class Notes

Taken by our most diligent verified note takers in class covering the entire semester.
AFM101 Lecture Notes - Lecture 1: Accounting Equation, Office Supplies, Accounts Receivable
Most common types of assets: cash, accounts receivable, notes receivable, inventory, prepaid, Cash: money and any medium of exchange (e. g. , bank acco
624
AFM101 Lecture Notes - Lecture 1: Management Accounting, Cash Flow Statement, Retained Earnings
387
AFM101 Lecture Notes - Lecture 1: Management Accounting, Operating Cash Flow, Cash Flow
Accounting is a system that identifies, measures, and communicates information that is relevant and reliable to help users make better decisions. Finan
4189
AFM101 Lecture Notes - Lecture 1: Accrual, A Question Of Balance, Cash Cash
Accounting: a system that identifies, measures, communicates information that is relevant/reliable to help users make better decisions: financial state
928
AFM101 Lecture Notes - Lecture 2: Retained Earnings, A Question Of Balance, Share Capital
369
AFM101 Lecture Notes - Lecture 2: Cash Flow Statement, Retained Earnings, Share Capital
334
AFM101 Lecture Notes - Lecture 3: Deferral, Share Capital, Retained Earnings
356
AFM101 Lecture Notes - Lecture 3: Retained Earnings, Accounting Equation, Faithful Representation
The overall objective of accounting is to provide financial information about the reporting entity that is useful to existing and potential investors,
372
AFM101 Lecture Notes - Lecture 4: The Ledger, Retained Earnings, Share Capital
It has a left side, called the debit side. It has a right side, called the credit side. T-account is a simple tool to represent an account. Assets on t
253
AFM101 Lecture Notes - Lecture 4: Share Capital, Cash Cash, Retained Earnings
Unearned revenue: unearned revenue: used when a service is paid in advance. T-accounts: t-accounts: t-charts that represent their assigned account, acc
428
AFM101 Lecture Notes - Lecture 5: Trial Balance, Financial Statement, Accounting Information System
516
AFM101 Lecture Notes - Lecture 5: Costco, Revenue Recognition, Matching Principle
Chapter 3: accrual accounting and the financial statements. Recognizes revenues when cash is received, and expenses when cash is paid, regardless when
859
AFM101 Lecture Notes - Lecture 6: Operating Expense, Financial Statement, Fiscal Year
Afm101 lecture 6 end-of-year procedures and ratios. Depreciation: depreciation: an estimate of the lost in monetary value to a long-term asset over tim
451
AFM101 Lecture Notes - Lecture 6: Current Liability, Balance Sheet, Retained Earnings
The income statement is recorded first because it reports net income or net loss, which is needed to prepare the statement of retained earnings. The ba
389
AFM101 Lecture Notes - Lecture 7: Money Market Fund, Cash Cash, Cash Flow
On the statement of cash flows, the definition of cash includes: E. g. treasury bills, money market funds, etc. Cash equivalents are short-term, highly
3108
AFM101 Lecture Notes - Lecture 7: Cash Cash, Money Market Fund, Cash Flow
Afm101 lecture 7 cash flows statements and cash. Cash flow activities: operating activities: activities that directly contribute to the revenue of a bu
416
AFM101 Lecture Notes - Lecture 8: Free Cash Flow, Accrual, Cash Flow
296
AFM101 Lecture Notes - Lecture 9: Money Market Fund, Cash Cash, Bank Reconciliation
Companies usually combine all cash amounts into a single total balance sheet called cash & cash equivalents . Cash is the most liquid asset because
4120
AFM101 Lecture Notes - Lecture 11: Non-Sufficient Funds, Accounts Receivable, Bank Reconciliation
510
AFM101 Lecture Notes - Lecture 12: Operating Expense, Income Statement, Cash Flow
Companies rarely collect all of their a/r. So, companies must account for their uncollectible a/r (i. e. , bad debts) Customers that do not have cash a
574
AFM101 Lecture Notes - Lecture 12: General Ledger, Market Liquidity, Accounts Receivable
If we look at the t-account of afda (assume the total uncollectible amount is and the current afda balance is ): 70 = 100 - 30 the (cid:271)ad de(cid:
614
AFM101 Lecture Notes - Lecture 13: Gross Profit, Income Statement, Current Asset
Chapter 5 - inventory & cost of goods sold. Merchandising companies sell inventory and service companies do not. Gross profit is the excess of sale
372
AFM101 Lecture Notes - Lecture 14: Inventory Turnover, Weighted Arithmetic Mean, Gross Profit
These 3 costing methods have different effects on (1) profits, (2) income taxes, (3) inventory turnover, and (4) gross profit margin. Under this method
2123
AFM101 Lecture Notes - Lecture 15: Asset, Land Development, Capital Expenditure
Chapter 6 - property, plants and equipment, and. Long-lived assets are actively used in operations to generate future benefits beyond one year. Tangibl
690
AFM101 Lecture Notes - Lecture 16: Book Value, Product Return, Intangible Asset
Companies purchase plant assets whenever they need them, not just at the beginning of the year. Thus, companies must compute depreciation for partial y
473
AFM101 Lecture Notes - Lecture 17: Agrium, Equity Method, Bruce Power
Chapter 7 - investments & the time value of money. The investor usually holds less than 20% of the voting shares and would normally play no importa
3117
AFM101 Lecture Notes - Lecture 18: Contingent Liability, Promissory Note, Current Liability
Liabilities are debts or obligations arising from past transactions that will be paid with assets or services in the future. There are two types of lia
591
AFM101 Lecture Notes - Lecture 19: Effective Interest Rate, Book Value, Operating Lease
Over the life of the bond issue, the discount and premium accounts are amortized. In the case of discounts: the discount is allocated to interest expen
5154
AFM101 Lecture Notes - Lecture 20: Legal Personality, Share Capital, Retained Earnings
Corporations differ from proprietorships and partnerships because of the following features: separate legal entity, continuous life and transferability
3165
AFM101 Lecture Notes - Lecture 21: Retained Earnings, Preferred Stock, Stock Split
4176