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NUACCT 1201AllFall

ACCT 1201 Chapter Notes - Chapter 7: Direct Labor Cost, Income Statement, Current Asset

OC6024634 Page
20 Jan 2016
35
Accounting system must: provide info for preparation of periodic financial statements and tax, provide up to date info on inventory quantities and cost
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NUACCT 1201AllFall

ACCT 1201 Chapter Notes - Chapter 6: Financial Statement, Direct Deposit, Bank Statement

OC6024635 Page
20 Jan 2016
15
Net sales revenue: the top line on the income statement. Need to manage bed debts which affect expenses on the income statement, cash, and accounts rec
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NUACCT 1201AllFall

ACCT 1201 Chapter Notes - Chapter 4: Financial Statement, Retained Earnings, Gift Card

OC6024635 Page
20 Jan 2016
12
The financial statements are not distributed to users until management and the external auditors make many critical evaluations. Usually requires estim
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NUACCT 1201AllFall

ACCT 1201 Chapter Notes - Chapter 2: Financial Statement, Faithful Representation, Historical Cost

OC6024635 Page
20 Jan 2016
29
The purpose of financial reporting is to provide external users such as investors, creditors, and lenders with financial info about the company. Assess
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NUACCT 1201AllFall

ACCT 1201 Chapter Notes - Chapter 1: Financial Accounting, Accounts Payable, Retained Earnings

OC6024634 Page
20 Jan 2016
25
Creditors make money on the loans by charging interest. People with stock in a company become part owners. Dividends or a portion of the earnings the c
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NUACCT 1201AllFall

ACCT 1201 Chapter Notes - Chapter 8: Fixed Asset, Sales Tax, Matching Principle

OC6024635 Page
20 Jan 2016
23
Predicting the amount of plant and equipment company needs; if underestimate, the company will not be able to meet demand, but if over estimates the co
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NUACCT 1201AllFall

ACCT 1201 Chapter Notes - Chapter 9: Current Liability, Accounts Payable, Working Capital

OC6024638 Page
20 Jan 2016
29
Financing activities serve 2 important purposes: generate funds to finance the current operating activities of the business, generate funds to acquire
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NUACCT 1201AllFall

ACCT 1201 Chapter Notes - Chapter 3: Deferred Income, Income Tax, Chipotle

OC6024634 Page
20 Jan 2016
12
Income statements provide the basis for comparing projections to the actual results of operations. Goal is the generate cash from cash. The excess cash
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All Professors (8)