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Acct Final Exam Study Guide (ONLY 60% Old Material) (97% in the course

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ACCT 2000
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159300Income Tax Ex45000Net IncomeLoss114300Loss on Dispo150300278100161100Income Before Income TaxesInterest Reven117000Other Expenses and LossesInterest Expen1278001593000Income From Operations320400Other Revenues and GainsSelling Expens756000Administrative837000Total Operating Expenses1776600Gross Profit1913400Operating ExpensesStudy Guide for Accounting 2000Net Sales3690000Cost of GoodsChapter1 Accounting terminology Forms of Businesses Business Activities Financial Statements income statement stmt of retained earnings balance sheetSole proprietorship simple to establish owner controlled tax advantages Partnership simple to establish shared controlbroader skillsresources tax advantagesCooperation easier to transfer ownership easier to raise funds no personal liabilityhigh taxesAll separate legal accounting entitiesAccounting terminologyUsers and uses of financial statementsUsers of accounting info can be divided broadly into 2 groupsInternal users managers who plan organize and run a businessmarking production supervisors ectFinance marketing human resources managementExternal users investors use to make deacons to buy hold or sell stock creditors use as suppliers and bankers to evaluate the risks of selling on credit or lending moneytax authorities customers labor unions regulatory agenciesBusiness ActivitiesThree types financing operating and investing Financing ActivitiesBorrowing moneyIssuing sharing of stockPeople that owe to creditorsliabilities common stockInvesting Activities involve the purchase of the resourcesResources owned by a businessassets cashOperating Activities business has the assets it needs to get started begin operatingRevenue amounts earned on the sale of the product or service in the normal course of the business Revenue sales revenue service revenue interest revenueInventory accounts receivable ExpenseFinancial Statements Balance Sheet to present a picture at a point in timeIncome statement show how successfully your business performed during a period of time report its revenues and expensesRetained earnings how much was retained to the business to allow for future growthStatement of cash flows show where your business obtained cash during the period of time and how it was used The Finincal Statements have to be created in this order1Income statement
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