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Principles of Financial Accounting
University of Connecticut
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Browse the full collection of course materials, past exams, study guides and class notes for ACCT 2001 - Principles of Financial Accounting at University of Connecticut verified …

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Suzanne Cansler

Leanne Adams

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Class Notes

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ACCT 2001 Lecture Notes - Lecture 1: Jiddu Krishnamurti, Financial Statement, Income Statement

It is not that you read a book, pass an examination, and finish with education. The whole of life, from the moment you are born to the moment you die,

ACCT 2001 Lecture Notes - Lecture 2: Accounting Equation, Financial Accounting, Net Income

When we learn we form connections between neurons in the brain. These synapses create new circuits between nerve cells, essentially remapping the brain

ACCT 2001 Lecture Notes - Lecture 3: A Question Of Balance, Accounting Equation, Equals Sign

Assets: economic resources presently controlled by the company that have measurable value and are expected to benefit the company by producing cash inf

ACCT 2001 Lecture 4: The Balance Sheet Continued ...

The best preparation for tomorrow is doing your best today. Think of the accounting equation (a + l = se) as an old-fashioned weight scale that tips at

ACCT 2001 Lecture Notes - Lecture 5: Income Statement, Accounting, Deferral

Start by doing what"s necessary; then do what"s possible; and suddenly you are doing the impossible ~francis of assisi. Operating activities include bu

ACCT 2001 Lecture Notes - Lecture 6: Life Time Fitness, Profit Margin, Income Statement

Learning objective 3-5 is to evaluate net profit margin, but beware of income statement limitations. For any company to be successful, it must complete

ACCT 2001 Lecture Notes - Lecture 7: Legal Personality, Bookkeeping, Financial Statement

Information and measurement system that identifies, records, and communicates relevant information about a company"s business activities. Equality invo

ACCT 2001 Lecture 8: Chapter Two Review

A record of increases and decreases in each of the basic elements of the financial statements (each of the company"s asset, liability, stockholders" eq

ACCT 2001 Lecture 9: Chapter Three Overview

Revenues earned in a period that are both unrecorded and not yet received in cash (or other asset). The adjusting entries for accrued revenues increase

ACCT 2001 Lecture Notes - Lecture 10: Financial Statement, Matching Principle, Income Statement

Accounting systems are designed to record most recurring daily transactions, particularly any involving cash. As cash is received or paid, it is record

ACCT 2001 Lecture Notes - Lecture 11: Internal Control, Financial Statement, Embezzlement

Fraud is generally defined as an attempt to deceive others for personal gain. Employee fraud is often grouped into three categories: The first being co

ACCT 2001 Lecture Notes - Lecture 12: Bank Reconciliation, Bank Statement, Professional Wrestling Holds

ACCT 2001 Lecture Notes - Lecture 13: Uptodate, Barcode, Income Statement

Chapter 6: merchandising operations and the multistep income statement. Successful people are not gifted; they just work hard, then succeed on purpose.

ACCT 2001 Lecture Notes - Lecture 14: Gross Profit, Income Statement

ACCT 2001 Lecture Notes - Lecture 15: Retained Earnings, Income Statement, Financial Statement

ACCT 2001 Lecture Notes - Lecture 16: Gap Inc., Operating Margin, Net Income

Earn revenue by buying goods and reselling them to customers. Comparisons in income statements for service and merchandising businesses. Important diff

ACCT 2001 Lecture Notes - Lecture 19: Balance Sheet, Weighted Arithmetic Mean, Income Statement

What you should know: issues in managing different types of inventory. How to report inventory and cost of goods sold. Learning objective number 7-1 de

ACCT 2001 Lecture Notes - Lecture 20: Inventory Turnover, Income Statement, Financial Statement

A. report inventory at the lower of cost or market. Learning objective number 7-4 is to report inventory at the lower of cost or market. The value of i

ACCT 2001 Lecture Notes - Lecture 21: Financial Statement, Income Statement, Accounts Receivable

A. pros and cons of extending credit when customers don"t pay. The advantage of extending credit is that it helps customers buy products and services,

ACCT 2001 Lecture Notes - Lecture 22: Promissory Note, Accounts Receivable, Income Statement

There are many other issues involved with bad debts and the collectability of receivables. One issue is when we must revise our estimate of bad debt ex

ACCT 2001 Lecture Notes - Lecture 23: Asset, Income Statement, Tax

Long-lived assets are assets that are used actively in the operations of the business, and that are expected to benefit the operations into the future.

ACCT 2001 Lecture Notes - Lecture 24: Intangible Asset, Intellectual Property, Web Development

Intangible assets are normally recorded at the purchase price plus any legal or related fees. Trademarks, copyrights, patents, licensing rights, techno

ACCT 2001 Lecture Notes - Lecture 25: Life Time Fitness, Current Liability, Financial Statement

For any company to be successful, it must complete its operating cycle efficiently. The operating cycle is a series of activities that a company undert

ACCT 2001 Lecture 26: Chapter 10: Liabilities Continued...

Beyond paying employees and remitting payroll deductions, employers have other responsibilities that lead to substantial additional labor costs. Like t

ACCT 2001 Lecture Notes - Lecture 27: Compound Interest

ACCT 2001 Lecture Notes - Lecture 28: Premium Bond

B. using the effective interest method of bond amortization. D. calculate and interpret the debt-to-assets ratio and the times interest earned ratio. I

ACCT 2001 Lecture Notes - Lecture 29: Income Statement, Current Liability

B. relationships between classified balance sheet and statement of cash flow (scf) categories. D. cash flows from operating activities - indirect metho

ACCT 2001 Lecture Notes - Lecture 30: Cash Flow, Income Statement, Current Asset

Cash flows from operating activities - indirect method. We will begin by focusing on the indirect method, which is used by almost all companies. The in