Study Guides (283,342)
CA (135,423)
Brock U (1,592)
ACTG (56)
ACTG 2P31 (4)
Midterm

ACTG 2P31 Midterm: Midterm 2 Summary

4 Pages
121 Views
Winter 2014

Department
Accounting
Course Code
ACTG 2P31
Professor
Parunchana Pacharn
Study Guide
Midterm

This preview shows page 1. Sign up to view the full 4 pages of the document.
Chapter 5 Summary
 
 
 !"
  # $
 %
 &

 '
 
 (
 %
 &#
$
 (
 %
)
 *
 +
 , "
 -
 
 './ 

 '0&)&
 ')
 ("&&1.0

 '
 ("..
 '1
find more resources at oneclass.com
find more resources at oneclass.com

Loved by over 2.2 million students

Over 90% improved by at least one letter grade.

Leah — University of Toronto

OneClass has been such a huge help in my studies at UofT especially since I am a transfer student. OneClass is the study buddy I never had before and definitely gives me the extra push to get from a B to an A!

Leah — University of Toronto
Saarim — University of Michigan

Balancing social life With academics can be difficult, that is why I'm so glad that OneClass is out there where I can find the top notes for all of my classes. Now I can be the all-star student I want to be.

Saarim — University of Michigan
Jenna — University of Wisconsin

As a college student living on a college budget, I love how easy it is to earn gift cards just by submitting my notes.

Jenna — University of Wisconsin
Anne — University of California

OneClass has allowed me to catch up with my most difficult course! #lifesaver

Anne — University of California
Description
Chapter 5 Summary 1. Statement of Financial Position a. Provides info about company’s liquidity and solvency to assess risk of investing in the company, financial flexibility b. Provides details about company’s financial structure (financed by debt or equity) c. Liquidity c.i. Amount of time for an asset to be converted into cash or until liability has been paid c.ii. Current ratio, turnover rations d. Solvency d.i. Enterprise’s ability to pay its debts and related interest e. Limitations e.i. Assets and liabilities are stated at historical cost (higher reliability but less relevant) e.ii. Estimates are used e.iii. Leaves out items that are relevant to business but cannot be recorded objectively f. Nonmonetary assets f.i. Inventory, property, plant, equipment, intangibles f.ii. Value in terms of monetary unit is not fixed f.iii. Recorded at historical cost g. Financial instruments g.i. Contracts between 2 parties that create financial assets for one party and a financial liability or equity for the other h. Contra/Adjunct Accounts h.i. Contra decreases account, adjunct increase h.ii. Ex. Acc. Amortization, discount on bonds payable, allowances
More Less
Unlock Document

Only page 1 are available for preview. Some parts have been intentionally blurred.

Unlock Document
You're Reading a Preview

Unlock to view full version

Unlock Document

You've reached the limit of 4 previews this month

Create an account for unlimited previews.

Already have an account?

Log In


OR

Don't have an account?

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


OR

By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.


Submit