LECTURE PRINCIPLES OF FINANCIAL ACCOUTING - CHAPTER 2: ANALYZING AND RECORDING TRANSACTIONS

5. Companies commonly round amounts in reports to the nearest dollar, or even to a higher level.
1. Dollar signs are not used in journals and ledgers.
2. Dollar signs appear in financial statements and other reports such as trial balances. The usual practice is to p[r]

Lecture Principles of financial accouting, chapter 4 - Completing the accounting cycle. After completing this chapter you should be able to: Explain why temporary accounts are closed each period, identify steps in the accounting cycle, explain and prepare a classified balance sheet.

After completing this chapter you should be able to: Explain the cost principle for computing the cost of property, plant and equipment; explain depreciation for partial years and changes in estimates; distinguish between revenue and capital expenditures, and account for them; compute total asset tu[r]

After completing this chapter you should be able to: Explain the importance of periodic reporting and the time period assumption, explain accrual accounting and how it improves financial statements, identify the types of adjustments and their purpose.

After completing this chapter you should be able to: Describe merchandising activities and identify income components for a merchandising company, identify and explain the inventory asset and cost flows of a merchandising company, compute the acid-test ratio and explain its use to assess liquidity,.[r]

After completing this chapter you should be able to: Explain the types and payment patterns of notes, compare bond financing with stock financing, assess debt features and their implications, compute the debt-to-equity ratio and explain its use.

After completing this chapter you should be able to: Identify characteristics of corporations and their organization; explain characteristics of, and distribute dividends between, common and preferred stock; explain the items reported in retained earnings; compute earnings per share and describe its[r]

After completing this chapter you should be able to: Identify characteristics of partnerships and similar organizations, compute partner return on equity and use it to evaluate partnership performance, prepare entries for partnership formation, allocate and record income and loss among partners,...

After completing this chapter you should be able to: Explain the purpose and importance of accounting; identify users and uses of, and opportunities in, accounting; explain why ethics are crucial to accounting; explain generally accepted accounting principles and define and apply several accounting[r]

After completing this chapter you should be able to: Describe accounts receivable and how they occur and are recorded; describe a note receivable, the computation of its maturity date, and the recording of its existence; explain how receivables can be converted to cash before maturity.

After completing this chapter you should be able to: Describe current and long-term liabilities and their characteristics, identify and describe known current liabilities, explain how to account for contingent liabilities, compute the times interest earned ratio and use it to analyze liabilities, pr[r]

After completing this chapter you should be able to: Distinguish between debt and equity securities and between short-term and long-term investments, describe how to report equity securities with controlling influence, compute and analyze the components of return on total assets,...

If a cash register’s record shows $550 but the count of cash in the register is $555, we would prepare the following journal
entry:
If a cash register’s record shows $550 but the count of cash in the register is $555, we would prepare the following journal

After completing this chapter you should be able to: Identify the items making up merchandise inventory, identify the costs of merchandise inventory, analyze the effects of inventory methods for both financial and tax reporting, analyze the effects of inventory errors on current and future financial[r]

After completing this chapter you should be able to: Explain the purpose and identify the building blocks of analysis, describe standards for comparisons in analysis, summarize and report results of analysis, explain and apply methods of horizontal analysis, describe and apply methods of vertical an[r]

After completing this chapter you should be able to: Identify the principles and components of accounting information systems, explain the goals and uses of special journals, describe the use of controlling accounts and subsidiary ledgers.

Chapter 1 - What is microeconomics? After reading this chapter, you should be able to answer the following questions: What is economics? What are key assumptions of economics? What is Production Possibility Frontier? What is opportunity cost? What is the difference between microeconomics and macroec[r]

The main contents of the chapter consist of the following: Annuities: ordinary annuity and annuity due (find future value), present value of an ordinary annuity (find present value), sinking funds (find periodic payments).

In this chapter students will be able to: Calculate the amount financed, finance charge, and deferred payment, calculate the estimated APR by table lookup, calculate the monthly payment by formula and by table lookup, calculate the finance charges on revolving charge credit card accounts.

Lecture Principles of Microeconomics - Chapter 16 Challenge to market effectiveness 6: Inequality. After reading this chapter, you should be able to answer the following questions: Why do we face income inequality? How does inequality affect a nation? What are the problems of reducing inequality? Sh[r]