ACCT 3001- Final Exam Guide - Comprehensive Notes for the exam ( 125 pages long!)
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An accounting information system (ais) collects and processes transaction data and disseminates the information to interested parties. An account shows the effect of transactions on a given asset, liability, equity, revenue, or expense account. Recording done by debiting at least one account and crediting another. To(cid:272)kholde(cid:396)s(cid:859) e(cid:395)uit(cid:455) = (capital stock + retained earnings) Retained earnings = beginning retained earnings + net income (revenues expenses) dividends. Close (cid:862) ed(cid:863) a(cid:272)(cid:272)ou(cid:374)ts, (cid:396)e(cid:448)e(cid:374)ues, e(cid:454)pe(cid:374)ses, a(cid:374)d di(cid:448)ide(cid:374)ds. *ma(cid:455) (cid:271)e i(cid:374)(cid:272)luded (cid:449)ithi(cid:374) a tate(cid:373)e(cid:374)t of to(cid:272)kholde(cid:396)s(cid:859) e(cid:395)uit(cid:455) (cid:449)hi(cid:272)h sho(cid:449)s the (cid:272)ha(cid:374)ges i(cid:374) all. Proprietorship or partnership: capital account, drawings account. Corporation: common stock, additional paid-in capital (apic, retained earnings. ** to(cid:272)kholde(cid:396)s(cid:859) e(cid:395)uit(cid:455) a(cid:272)(cid:272)ou(cid:374)ts depe(cid:374)d upo(cid:374) the o(cid:449)(cid:374)e(cid:396)ship st(cid:396)u(cid:272)tu(cid:396)e of the e(cid:374)tit(cid:455) Fa b states, (cid:862)t(cid:396)a(cid:374)sa(cid:272)tio(cid:374)s a(cid:374)d othe(cid:396) e(cid:448)e(cid:374)ts a(cid:374)d (cid:272)i(cid:396)(cid:272)u(cid:373)sta(cid:374)(cid:272)es that affe(cid:272)t a (cid:271)usi(cid:374)ess e(cid:374)te(cid:396)p(cid:396)ise. (cid:863) A supplie(cid:396) of a (cid:272)o(cid:373)pa(cid:374)(cid:455)(cid:858)s (cid:396)a(cid:449) (cid:373)ate(cid:396)ial is paid a(cid:374) a(cid:373)ou(cid:374)t o(cid:449)ed o(cid:374) a(cid:272)(cid:272)ou(cid:374)t. The accountant determines the federal income taxes owed based on the.
