exam review notes.docx

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University of Waterloo
Accounting & Financial Management
AFM 291
Robert Ducharme

Exam Review Notes Chapter 6 Long term contract (bulk of time)   Recognizing revenue (multiple deliverables)  Pg. 336 Most was on earnings approach, not contract approach   Journal entry under percentage of completion -> post to T-account for each year, take T-accounts and make a balance sheet and income statement based on those few selective accounts  Add to get income statement  Total completed contract and percentage of completion are the same, just the years that are different Chapter 5  Learned how to make balance sheet, classified  Reviewed definitions -> monetary assets (vs non-monetary)  Non monetary exchange of assets Chapter 4  Unusual item, above the continuing operation line  Slide 22 -> example on textbook  Earnings per share -> calculated as (net income-preferred dividends/ # of shares outstanding)  Only subtract dividends from  4-8,9  Aspe -> only required to do statement of retaining earnings  IFRS->net income is after tax  Change in inventory -> adjustment to opening balance of retained earnings -> previously stated +- change net of tax = opening retained earnings as restated Chapter 12  Intangibles and goodwill, how to depreciate and account for impairment  Exactly what you did for investment properties  Goodwill, look
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