ACCT 3220- Final Exam Guide - Comprehensive Notes for the exam ( 47 pages long!)
Document Summary
Steps in the accounting process: transactions occur. Payroll: purchases & cash disbursements trans cycle: purchase of goods/services, & cash disbursements not, sales & cash receipts trans cycle, bs cash, a/r, allow for da, c/s. Is sales, sales returns & allowances, bde, & sales discounts: bs cash, inventory, prepaid rent, fixed assets, accum dep, a/p, interest payable. Is purchases, rent, repair, postage, travel, utilities, & freight in: bs cash, wages & salaries payable, fed income taxes w/h, fica taxes payable, & other. Is wages & salaries exp, payroll tax exp payroll taxes. Special journals are an easy way to: number & titles of journals for different co"s vary w/accounting info needs & system design summarize similar & repetitive types of transactions. Give chronological listings & monthly summaries of transactions, so it is a good source of history to review & check. Gen journal used for non-repetitive transactions: sales, typical journals, revenue, cash sales, a/r.
