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Textbook Notes for ACCT 2220 at University of Guelph (U OF G)

U OF GACCT 2220Ron BakerFall

ACCT2220 Chapter 9: Accounting Chapter 9

OC8658185 Page
31 Mar 2016
41
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U OF GACCT 2220N/ AWinter

ACCT2220 Chapter 1-10: Accounting Chapter Notes

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6 Aug 2015
60
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U OF GACCT 2220Ron BakerFall

ACCT2220 Chapter 5: Accounting Chapter 5

OC8658184 Page
31 Mar 2016
24
Merchandise inventory: needed to describe the many different items that make up the total inventory. Retailers: merchandising companies that sell produ
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U OF GACCT 2220Ron BakerFall

ACCT2220 Chapter 13: Accounting Chapter 13

OC8658183 Page
31 Mar 2016
54
Content: cash and cash equivalents are used, cash equivalents are highly liquid trading investments that can be converted to cash in a short amount of
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U OF GACCT 2220Ron BakerFall

ACCT2220 Chapter 4: Accounting chapter 4

OC8658185 Page
31 Mar 2016
26
Interim periods: shorter periods of times (than scal years) Revenue recognition: the concept that revenue is generally considered to be earned (recogni
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U OF GACCT 2220Ron BakerFall

ACCT2220 Chapter 2: Accounting Chapter 2

OC8658188 Page
30 Mar 2016
29
Chapter 2: a further look at financial statements. Assets: the resources that a company owns or controls that will provide future economic bene ts. Cur
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U OF GACCT 2220Ron BakerFall

ACCT2220 Chapter 14: Accounting chapter 14

OC8658186 Page
31 Mar 2016
49
Discontinued operations: the disposal, or availability for sale, of a separate component of an entity. Hudson"s bay operates many stores under several
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U OF GACCT 2220Ron BakerFall

ACCT2220 Chapter 3: Accounting Chapter 3

OC8658182 Page
31 Mar 2016
22
Accounting information system: the system of collecting and processing transaction data and communicating nancial information to interested parties. Ac
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U OF GACCT 2220Ron BakerFall

ACCT2220 Chapter 8: Accounting Chapter 8

OC8658184 Page
31 Mar 2016
36
Nonbank credit card receivables: no effect on cash ow ex. Canadian tire credit card on oct. 24 form purchase. Subsidiary ledger: a group of accounts t
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U OF GACCT 2220Ron BakerFall

ACCT2220 Chapter 1: Accounting Chapter 1

OC8658183 Page
30 Mar 2016
25
Chapter 1: the purpose and use of financial statements. Partnerships: a business owned by more than one person: each partner has unlimited liability, s
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U OF GACCT 2220Ron BakerFall

ACCT2220 Chapter 6: Accounting Chapter 6

OC8658185 Page
31 Mar 2016
42
Speci c identi cation method: an inventory cost determination method used when goods are distinguishable and not ordinarily interchangeable. First-in,
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U OF GACCT 2220Ron BakerFall

ACCT2220 Chapter 7: Accounting Chapter 7

OC8658186 Page
31 Mar 2016
15
Internal control: all methods and measures adopted within a company to help achieve reliable. Control activities: backbone of efforts to control and ad
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