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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 1: Chapter 1 - Business Decisions and Financial Accounting

ACCT 2001 Lecture 1: Chapter 1 - Business Decisions and Financial Accounting

ACCT 2001 Lecture 1: Chapter 1 - Business Decisions and Financial Accounting

ACCT 2001 Lecture 1: Chapter 1 - Business Decisions and Financial Accounting

ACCT 2001 Lecture 1: Chapter 1 - Business Decisions and Financial Accounting

ACCT 2001 Lecture Notes - Lecture 1: Accounting, Bank Statement, Common Stock

Gaap- (generally accepted accounting principles) the standards that accountants follow. Ethics- the process that individuals use to evaluate their cond

ACCT 2001 Lecture 2: Chapter 1 - Business Decisions and Financial Accounting

ACCT 2001 Lecture Notes - Lecture 2: Accounting Equation, Retained Earnings, Forgetting Curve

Herman ebbinghause coined this term in 1885. Subjects memorize a list of meaningless, three letter words. Tracked how quickly his subjects forgot the w

ACCT 2001 Lecture Notes - Lecture 3: Accounts Receivable, Accounting Equation, Accounting Information System

Transaction: a business activity that affects the basic accounting equation. Duality of effects: every transaction has at least two effects on the basi

ACCT 2001 Lecture 3: Chapter 2 - The Balance Sheet

ACCT 2001 Lecture Notes - Lecture 4: Trial Balance, Current Liability, Accounting Equation

Learning objective 2-1: identify financial effects of common business activities that affect the balance sheet. Financing activities involve debt trans

ACCT 2001 Lecture 4: Chapter 2 - The Balance Sheet

ACCT 2001 Lecture 5: Chapter 3 Handout & Solution

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

Operating activities include buying goods and services from suppliers and employees and selling goods and services to customers and then collecting cas

ACCT 2001 Lecture 6: Practice Exam & Solutions Chapters 1,2,3

ACCT 2001 Lecture Notes - Lecture 6: Retained Earnings, Financial Accounting, Income Statement

Accounting: a system of analyzing, recording, and summarizing the results of a business"s activities and then reporting the results to decision makers.

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

ACCT 2001 Lecture Notes - Lecture 7: A Question Of Balance, Trial Balance, Accounts Payable

Building a balance sheet from business activities. A key activity for any start up company is to obtain financing . Two sources of financing are availa

ACCT 2001 Lecture Notes - Lecture 8: Accrual, Profit Margin, Net Income

Success is not final, failure is not fatal, it is the courage to continue that counts -w. c. Operating activities are the day-to-day functions involved

ACCT 2001 Lecture Notes - Lecture 9: Financial Statement, Trial Balance, Income Statement

Chapter 4: adjustments, financial statements, and financial results. Your comfort zone is outside of where the magic happens! Accounting systems are de

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

Chapter 4: adjustments, financial statements, and financial results. The important decision you make is to be in a good mood. Analyze: determine necess

ACCT 2001 Lecture Notes - Lecture 11: Internal Control, Financial Statement, Mci Inc.

ACCT 2001 Lecture Notes - Lecture 12: Financial Statement, Whole Foods Market, Petty Cash

For each account a business opens, the bank generates a statement that it makes available online. The format varies from bank to bank, but the statemen

ACCT 2001 Lecture Notes - Lecture 13: Income Statement, Perpetual Inventory, Uptodate

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

Chapter 6: merchandising operations and the multi step income statement. Prepare and analyze a merchandisers multi step income. To show how much profit

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

Worksheet- used to bring together info needed to prepare the financial statements: does not eliminate the need to journalize/post adjusting entries, ju

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

Understanding business issues: merchandising business-> earn revenue by buying goods and reselling them to customers, ex. Gap inc. , best buy, and w

ACCT 2001 Lecture Notes - Lecture 17: Current Asset, Weighted Arithmetic Mean, Income Statement

Chapter 7: inventory and cost of goods sold. Learning objective 7-1: describe the issues in managing different types of inventory. The primary goals of

ACCT 2001 Lecture Notes - Lecture 18: Inventory Turnover, High Tech, Income Statement

Chapter 7: inventory and cost of goods sold. The pupil who is never required to do what he cannot do, never does what he can do. Learning objective 7-4

ACCT 2001 Lecture Notes - Lecture 19: Accounts Receivable, Accrual, Income Statement

Chapter 8: receivables, bad debt expense, and interest revenue. The advantage of extending credit is that it helps customers buy products and services,

ACCT 2001 Lecture Notes - Lecture 20: Promissory Note, Accounts Receivable, Matching Principle

Chapter 8: receivables, bad debt expense, and interest revenue. There are many other issues involved with bad debts and the collectability of receivabl

ACCT 2001 Lecture 21: Chapter 9: Long lived tangible and intangible assets

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 22: Intangible Asset, Cedar Fair, Financial Statement

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 23: Income Statement, Accrual, Operating Expense

The oldest costs are in cost of goods sold and the newest costs are in. The oldest costs are in inventory and the newest costs are in cost of goods sol

ACCT 2001 Lecture Notes - Lecture 24: Promissory Note, Weighted Arithmetic Mean, Current Asset

Understanding business issues: most businesses need to respond to changing market conditions and borrow money on a short-term basis to finance investme

ACCT 2001 Lecture Notes - Lecture 27: Current Liability, Financial Statement, Promissory Note

Liabilities play a significant role in financing most business activities. 2. obtains short-term loans to cover gaps in cash flows, 3. and issues long-

ACCT 2001 Lecture Notes - Lecture 28: Financial Statement

Adjective: having the ability, fitness, or quality necessary to do or achieve a specified thing, able to achieve efficiently whatever one has to do; co

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

Remember how far you"ve come, not just how far you have to go. Ch. 12 ppt lma2, slide #4 leanne adams acct2001 fall18. On your screen, you see a conden

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