ACBU 2222 Study Guide - Final Guide: Accounts Payable, Financial Accounting, Intangible Asset
27 Apr 2020
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Accounting final - this is worth 35% of our grade! :/ - remember be careful of dates, how many months have passed and accounting cycles and read question carefully. Accounting equation - assets= liabilities + stockholders equity. Financial accounting - process by which economic performance and financial position of a company are recorded. Fasb= financial accounting standards board (private, non-governmental, they come up with accounting rules to recommend) Sec= securities and exchange commission (gaap, they are a govt entity enforcing rules) Owner"s equity ( residual interest in the firm, represents owners claims on assets) Double entry accounting - each journal entry must have at least one debit and one credit, total debits must equal total credits. Accounting cycle: journalize transactions, post to t-accounts or general ledger, create an unadjusted trial balance, perform adjusting entries, create adjusted trial balance, create financial statements, perform closing entries. T-account - the account that looks like a t!
