ACCT 1201 Study Guide - Midterm Guide: Cash Flow Statement, Trial Balance, Current Liability
21 Mar 2013
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Boy re + ni - dividends = eoy re. Financial statement structure and analysis: basic financial statements, balance sheet, income statement, statement of re, statement of se, cash flow statement operating, investing, and financing activities. Account identification: match accounts with financial statements: Rules of debit and credit: debit, credit, credit, debit: Current liabilities: accounts payable, accrued expenses, notes, taxes, unearned. See chapter 2 day 1 notes: useful traits of accounting information reliability, relevance, consistency, comparability, principles and assumptions historical cost, full disclosure time period, going concern, unit of measure, separate entity. See chapter 3 notes: revenue recognition, matching principle (expenses, cash vs. Adjusting entries: deferrals vs. accruals (5 basic types including depreciation, accrual of interest. Classified financial statement: balance sheet (current vs. long term) current = 1 year & under, long term = over 1 year, income statement (single step vs. multi-step aka classified, calculating gross profit, calculating net income, calculating current ratio.
