ACCY 306 Study Guide - Midterm Guide: Accrual, Net Income, Income Statement
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Chapter 1: introduction to financial reporting: traditional assumptions of the accounting model. Revenues appear in the income statement when the services have been provided to the customer: total expenses for the month include all expenses incurred related to the revenue generated, not just the expenses paid that month, examples: If a university received cash in august for football season tickets (games. September-december: during may, artisan landscaping installed a stone patio for carrie. Blockfor a fee of ,200, which was received in june. Decorative stones: purchased on account in may; will be paid for in june. Wages: wages were earned and paid during the month of may. Office expenses: ,800 = amount spent per year; was paid in june. Compute artisan"s net income for may using cash and accrual basis. Chapter 2: introduction to financial statements and other reports: accounting cycle= the sequence of procedures completed each accounting period, a requirement of accrual basis accounting, steps, 1.
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