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Textbook Notes for Liang Chen

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UTSCMGAB01H3Liang ChenFall

Adjusting Entries for Accruals

OC4462 Page
79
The adjusting entry for accruals will increase both a balance sheet and an income statement account. Revenues earned, but not yet received in cash or r
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UTSCMGAB01H3Liang ChenFall

The Basics of Adjusting Entries

OC4461 Page
52
Under the accrual basis of accounting, adjusting entries are needed to ensure that the revenue recognition and matching principle are followed. Prepaid
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UTSCMGAB01H3Liang ChenFall

MGAB01H3 Chapter Notes - Chapter 2: Financial Statement, Faithful Representation, Historical Cost

OC11786453 Page
15
Chapter 2: investing and financing decisions and the statement of financial position. Goal of financial accounting is to provide financial information
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UTSCMGAB01H3Liang ChenFall

MGAB01H3 Chapter Notes - Chapter 3: Gross Profit, Asset Turnover, Accrual

OC11786452 Page
15
Chapter 3: operating decisions and the statement of earnings. Operating (cash-to-cash) cycle: the time required for a company to cash to suppliers, sel
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UTSCMGAB01H3Liang ChenFall

MGAB01H3 Chapter Notes - Chapter 6: Financial Statement, Faithful Representation

OC5010563 Page
23
Chapter 6 communicating and interpreting accounting information. The board of directors, elected by the shareholders to represent their interests, is r
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UTSCMGAB01H3Liang ChenFall

MGAB01H3 Chapter Notes - Chapter 6-8, 13: Current Asset, Current Liability, Financial Statement

OC5260835 Page
29
Sofp: (balance sheet) report assets/liab/se of an acc entity @ spec. time (a= l+se) Soci: change in se during period excluding shareholders(can be so e
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UTSCMGAB01H3Liang ChenFall

MGAB01H3 Chapter Notes - Chapter 4: Deferred Income, Accounting Information System, Debits And Credits

OC5010563 Page
19
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UTSCMGAB01H3Liang ChenFall

MGAB01H3 Chapter Notes - Chapter 7: Cash Management, Bank Reconciliation, Financial Statement

OC5010565 Page
29
Reporting and interpreting sales revenue receivables, and cash. Revenue principle requires that revenues be recorded when certain conditions are met (c
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UTSCMGAB01H3Liang ChenFall

MGAB01H3 Chapter Notes - Chapter 8: Inventory Turnover, Perpetual Inventory

OC5010564 Page
34
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UTSCMGAB01H3Liang ChenFall

Chapter 2 Notes

OC15276 Page
34
Chapter 2: financial statements  framework, presentation, and usage. The conceptual framework of accounting 8,. 4070398890241390770,90/4-
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UTSCMGAB01H3Liang ChenFall

Summary of the Accounting Cycle

OC4463 Page
37
A reversing entry is made at the beginning of the next accounting period. It is the exact opposite of the adjusting entry made in the previous period.
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UTSCMGAB01H3Liang ChenFall

Appendix 5A

OC4461 Page
27
The gst is a 7% personal consumption tax that is collected on most goods and services provided in canada. There are gst exemptions that does not requir
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