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Textbook Notes for James Irving

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JMUCOB 241James IrvingFall

COB 241 Chapter Notes - Chapter 11: Limited Liability Company, Legal Personality, Double Taxation

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Partnerships: allow persons to share their talents, capital, and the risks & rewards of business ownership. Corporation: a separate legal entity create
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JMUCOB 241James IrvingFall

COB 241 Chapter Notes - Chapter 4: Financial Statement, Gross Margin, Earnings Before Interest And Taxes

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Merchandising businesses include retail companies (companies that sell goods to the final consumer) and wholesale companies (companies that sell to oth
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JMUCOB 241James IrvingFall

COB 241 Chapter Notes - Chapter 1: Management Accounting, Accountant, Retained Earnings

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JMUCOB 241James IrvingFall

COB 241 Chapter Notes - Chapter 9: Contingent Liability, Going Concern, Financial Statement

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Unless there is evidence to the contrary, companies are assumed to be going concerns that will continue to operate. Under this assumption, companies ex
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JMUCOB 241James IrvingFall

COB 241 Chapter Notes - Chapter 6: Fidelity Bond, Internal Control, Risk Assessment

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Maintaining internal control: control environment, risk assessment, control activities. Segregation of duties: can be used as a deterrent of corruption
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JMUCOB 241James IrvingFall

COB 241 Chapter 2: tb ch.2

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Asset use transaction: cash payment for salary expense. Accrued expenses: expenses that are recognized before cash is paid. Adjusting entry: the entry
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JMUCOB 241James IrvingFall

COB 241 Chapter Notes - Chapter 3: Cash Register, General Ledger

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Account balance: the difference between the total debit & credit amounts. Rules of debit & credit: debits increase asset accounts; credits decrease ass
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JMUCOB 241James IrvingFall

COB 241 Chapter Notes - Chapter E: Security Certificate, Historical Cost, Financial Statement

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Investor: the entity that provides the assets and receives the security certificate. Investee: the entity that receives the assets or services and give
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JMUCOB 241James IrvingFall

COB 241 Chapter Notes - Chapter 10: Liquid Oxygen, Debenture, Effective Interest Rate

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**only focusing on lo1, lo2, lo3, lo6, lo7** Fixed interest rates (remain constant during term of the loan) Variable interest rate (fluctuates up or do
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JMUCOB 241James IrvingFall

COB 241 Chapter Notes - Chapter 7: Revenue Recognition, Accounts Receivable, Financial Statement

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JMUCOB 241James IrvingFall

COB 241 Chapter Notes - Chapter 8: Title Search, Sales Tax, Historical Cost

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8: accounting for long term operational assets. Current assets used relatively quickly (inventory/ office supplies) used within a single accounting per
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JMUCOB 241James IrvingFall

COB 241 Chapter Notes - Chapter 5: Inventory Turnover, Gross Margin, Financial Statement

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Physical flow: goods usually move physically on a fifo basis. Full disclosure: requires that financial statements disclose the method chosen. Consisten
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