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Accounting Final Study Guide

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ACCT 2001
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Accounting Final Topics that will be covered on the final exam from old and new material areChapter 1 Accounting terminology Forms of Businesses Business Activities Financial Statements income statement stmt of retained earnings balance sheetChapter 2 Classified Balance Sheet StandardSetting Environment Assumptions Principles ConstraintsChapter 3 Transaction Analysis Debit and credit procedures Journal Ledger Trial BalanceChapter 4 Accrual accounting adjusting process Closing processChapter 5 Concepts ofinventory inventory cost of goods soldgross profit perpetual system characteristics recording perpetual transactions multiple step income statement Chapter 6Inventory cost flow methods LIFO FIFO average cost specific identificationChapter 7 Internal controls purpose and principles bank reconciliation and entriesChapter 8Accounts receivableallowance method recording of bad debt writeoffs recovery net realizable value notes receivable issuance interest and maturity entriesChapter 9 Types of longterm assets determine cost of PPE assets capitalizing or expensing expenditures methods of depreciation straightline units of activity double declining partial year depreciation revisions of depreciationdisposal of plant assets accounting for intangiblesChapter 10Recording current liabilities unearned revenues sales taxes payroll taxes shortterm notes payable current maturities presentation of current liabilitiesAdvantages and disadvantages of bonds types of bonds bond trading bond interest calculations journal entries for bonds Chapter 11Corporate form of business advantages disadvantages organization stockholders rights stockholders equity components classes of stock issuances of stock treasury stock purchases recording cash dividends on commonpreferred stock recording stock dividends stock splits retained earnings calculation and presentation retained earnings restrictions balance sheet presentation of SEChapter 1 Accounting terminology Forms of Businesses Business Activities Financial Statements income statement stmt of retained earnings balance sheet 3 forms of business1Proprietorship aOwned by one owner controlled bSimple to establish cTax advantage 2Partnership aShare controlled more skills and resources bSimple to establish cTax advantage 3Corporation aEasy transfer ownership and raise funs bNO LIABILITY FOR STOCKHOLDERSAccountinginformation system that identifies records and communicates economic events to users3 business activities1FinancingaTwo typesiBorrow money 1Amount owed liability aEx Notes and bonds payable 2Creditors people who lend money iiIssuing stock 1Payments dividends 2Investing aPurchase of a resource a company needs ASSESTS 3OperatingaRevenuees money made bInventory goods available for sale cAccounts receivable people who owe you money dExpenses marketing eLiabilities anything PAYABLE you owefNet income money MADEgNet loss money LOST
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