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Midterm

COMMERCE 1AA3 Study Guide - Midterm Guide: Retained Earnings, Current Liability, Historical Cost


Department
Commerce
Course Code
COMMERCE 1AA3
Professor
Emad Mohammad
Study Guide
Midterm

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Income Statement (year ended)
How did the company perform during the year?
Revenue Expenses = Net Income/Net Loss
Statement of Retained Earnings: (year ended)
Wh did the opa’s etaied eaigs hage duig the ea?
Beginning Retained Earnings +/- Net Income (loss) Dividends
= Ending Retained Earnings
Balance Sheet: (date)
What is the opa’s fiaial positio at the ea ed?
Assets = Liabilities Oe’s Euit
Statement of Cash Flows (year ended)
How much did the company generate and spend during the year?
Operating Cash Flow +/- Investing Cash Flow +/- Financing Cash Flow = Increase/ Decrease in Cash
Assets: Recognition
Future benefits
o R & D Expenses
Rights to future benefits
o Human capital
Quantifiable
o Intangibles
Assets: Measurement
Historical Cost
Market Value
Present Value of Future Cash Flows
Assets: Disclosure
Current Assets epeted to e oeted ito ash ithi the ea o the usiess’s opeatig
cycle
Long-Term Assets will be held longer than one year
Liabilities: Recognition
Past transactions
Promise of payment
Quantifiable
Known date
Liabilities: Measurements
Monetary liabilities- future cash flows or the present value of future cash flows
Non-Monetary liabilities the expected cost of goods and services or the money received
Liabilities: Disclosure
Current Liabilities det paale ithi et ea o the usiess’s opeatig le
Long- Term Liabilities- debts payable for more than one year from balance sheet date
Stakeholde’s Euit
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