33:010:272 Study Guide - Final Guide: Double-Entry Bookkeeping System, Inventory Turnover, Deferral

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Intro to financial accounting- final study guide (ch. Part 1: chapter 1-4: 4 types of financial statements: definition, content, correct sequence (ch. 1) Income statement (net income) retained earnings statement (retained earnings) balance sheet (cash) statement of cash flow: make journal entries using debit & credit rules; prepare a trial balance (ch. Debit & credit rules: debit must equal credits, double entry accounting: every transaction involves both a debit and credit, but not in the same account, must keep balance sheet equation: a= l + se. Flow of accounting data (recording process: transaction occurs analyzed journalized amounts posted to ledgers (t account) trial balance prepared. Trial balance (unadjusted trial balance: lists all accounts with their balances, order: assets, liabilities, stockholder(cid:495)s equity, shows that debit equal credits, prepared at end of period, limitations trial balance will balance even if: Offsetting errors made in recording amount of a transaction.

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