Shanghai Jiao Tong University - IE - 310

Wisconsin Milwaukee - BUS ADM - 201

201Lec01.PPTIntroduction to Financial AccountingBUS ADM-201O NKOL K HUCK C B N 328 fice: LU Of h o u rs : Office 0 5:30 :3 M,W 3 a, Kelly, n : DJ, An eremy T/As Kara, J for other hi, Kelec eb site w llabus/ See sy details.1DEFINITION OF ACCOUNTINGAc

Wisconsin Milwaukee - BUS ADM - 201

201Lec02.PPTMore on Financial statements . . . A BALANCE SHEET:i - changes constantly (every time an activity occurs) ii - shows assets, liabilities and equities as of a specific date. iii - uses original cost (cost principle) for most items. iv - Only

Wisconsin Milwaukee - BUS ADM - 201

201Lec03.PPTThe Accounting Information SystemCollects, organizes and processes transaction data Transaction is an event that results in a change of a balance sheet item. Typically it is an exchange. (Asset, liability, stock, revenue or expense for one a

Wisconsin Milwaukee - BUS ADM - 201

201Lec04.PPTAccrual Accounting ConceptsAccountants divide the economic life of a business into reporting periods (PeriodicityAssumption).Jan. Feb. Mar. Apr. . . . . . Dec.Generally a month, a quarter, or a year. End of year can be December 31 (calenda

Wisconsin Milwaukee - BUS ADM - 201

201Lec05.pptMerchandising OperationsMultiple-Step Income Statement1MERCHANDISING3 BASIC TYPES OF COMPANIES Service Businesses Service BusinessesMake money by providing a service Make money by providing a service Services can't be created and stockpi

Wisconsin Milwaukee - BUS ADM - 201

201Lec06.PPTINVENTORY ISSUES1Issues in counting inventory Issues in counting inventoryShip toSale or consignment?Reseller Sellero ip t ShBuyerALL in ve n to ry m us t b e a c c o u nte d fo r (a ls o n o t d o u b le c o un te d ) . Q u e s tio n

Wisconsin Milwaukee - BUS ADM - 201

201Lec07.PPTCA$H and Internal Controls1Internal Control (IC) consists of . . . . .all the related methods and measures adopted within a business to: safeguard its assets Employee and external theft, unauthorized useenhance accuracy and reliability o

Wisconsin Milwaukee - BUS ADM - 201

201Lec08.PPTReceivables.Am o un ts d ue fro m ind ivid u a ls a n d o th e r c o m p a n ie s th a t a re e xp e c te d to b e c o lle c te d in c a s h . Trade Receivables a re o we d b y c us to m e rs th a t re s u lt fro m th e s a le o f g o o d s

Wisconsin Milwaukee - BUS ADM - 201

201Lec09.PPTLong - Lived AssetsProperty, Plant & Equipment (PP&E) Ha ve p h ys ic a l s ub s ta nc e Used in b us ine s s (no t jus t inve s tm e nt) No t fo r s a le to c us to m e rsIntangible Assets C o ns is t o f: le g a l rig h ts p ro c e s s e

Wisconsin Milwaukee - BUS ADM - 201

201Lec10.PPTLIABILITIESClaims on total assets- obligations to employees (current and retired), governments, suppliers, banks and financiers, law suit settlements, customers, etc"Current" if due within 1 year1NOTES PAYABLE NOTES PAYABLESimilar calcu

Wisconsin Milwaukee - BUS ADM - 201

201Lec11.PPTCORPORATIONSSeparate Legal Entity created by law- Enter into contracts - Declare bankruptcy - Pay tax on income - Continuous lifeNot hard to form- File for state charter - Articles, By-laws, Initial stockholders - Authorization to issue s

Wisconsin Milwaukee - BUS ADM - 201

201Lec12.PPTSTATEMENT OF CASH FLOWS4th REQUIRED GAAP Statement. Covers a period of time (like an income statement). Focuses on: Inflows of CASH Outflows of CASH1Questions the Statement of Cash Flow Answers:24 Parts of Statement of Cash Flows 4 Parts

Wisconsin Milwaukee - BUS ADM - 201

201Lec13.PPTFinancial Analysis1Sustainable Income Sustainable Incomeis best use of past data to forecast profitability. is the ability to generate future profits. comes from recurring items such as: net income from operations recurring nonoperating it

University of North Carolina, Wilmington - ACG - 201

APPENDIX CTIME VALUE OF MONEYSTUDY OBJECTIVES Distinguish between simple and compound interest. Solve for future value of a single amount. Solve for future value of an annuity. Identify the variables fundamental to solving present value problems. Solve

University of North Carolina, Wilmington - ACG - 201

CHAPTER 1 Introduction to Financial StatementsStudy Objectives1. Describe the primary forms of business organization. 2. Identify the users and uses of accounting information. 3. Explain the three principal types of business activity. 4. Describe the co

University of North Carolina, Wilmington - ACG - 201

CHAPTER 2 A Further Look at Financial StatementsStudy Objectives1. Identify the sections of a classified balance sheet. 2. Identify and compute ratios for analyzing a company's profitability. 3. Explain the relationship between a retained earnings state

University of North Carolina, Wilmington - ACG - 201

CHAPTER 3 The Accounting Information SystemStudy Objectives1. Analyze the effect of business transactions on the basic accounting equation. 2. Explain what an account is and how it helps in the recording process. 3. Define debits and credits and explain

University of North Carolina, Wilmington - ACG - 201

CHAPTER 4 Accrual Accounting ConceptsStudy Objectives1. Explain the revenue recognition principle and the matching principle. 2. Differentiate between the cash basis and the accrual basis of accounting. 3. Explain why adjusting entries are needed, and i

University of North Carolina, Wilmington - ACG - 201

CHAPTER 5 Merchandising Operations and the Multiple-Step Income StatementStudy Objectives1. Identify the differences between a service enterprise and a merchandising company. 2. Explain the recording of purchases under a perpetual inventory system. 3. E

University of North Carolina, Wilmington - ACG - 201

CHAPTER 6 Reporting and Analyzing InventoryStudy Objectives1. Describe the steps in determining inventory quantities. 2. Explain the basis of accounting for inventories and apply the inventory cost flow methods under a periodic inventory system. 3. Expl

University of North Carolina, Wilmington - ACG - 201

Chapter 7 Fraud, Internal Control, and CashStudy Objectives1. Define fraud and internal control. 2. Identify the principles of internal control activities. 3. Explain the applications of internal control principles to cash receipts. 4. Explain the appli

University of North Carolina, Wilmington - ACG - 201

Chapter 8 Reporting and Analyzing ReceivablesStudy Objectives1. Identify the different types of receivables. 2. Explain how accounts receivable are recognized in the accounts. 3. Describe the methods used to account for bad debts. 4. Compute the interes

University of North Carolina, Wilmington - ACG - 201

CHAPTER 9 Reporting and Analyzing Long-Lived AssetsStudy Objectives1. Describe how the cost principle applies to plant assets. 2. Explain the concept of depreciation. 3. Compute periodic depreciation using the straight-line method, and contrast its expe

University of North Carolina, Wilmington - ACG - 201

CHAPTER 10 Reporting and Analyzing LiabilitiesStudy Objectives1. 2. 3. 4. 5. 6. 7. Explain a current liability and identify the major types of current liabilities. Describe the accounting for notes payable. Explain the accounting for other current liabi

University of North Carolina, Wilmington - ACG - 201

CHAPTER 11 Reporting and Analyzing Stockholders' EquityStudy Objectives1. Identify and discuss the major characteristics of a corporation. 2. Record the issuance of common stock. 3. Explain the accounting for the purchase of treasury stock. 4. Different

University of North Carolina, Wilmington - ACG - 201

CHAPTER 13 Financial Analysis: The Big PictureStudy Objectives1. Describe and apply horizontal analysis. 2. Describe and apply vertical analysis. 3. Identify and compute ratios used in analyzing a company's liquidity, solvency, and profitability. 4. Und

University of North Carolina, Wilmington - ACG - 301

Name _ ACG 201 Chapter 5 Quiz Fall 2011 Multiple Choice: Choose the most correct answer. Show your work where appropriate. 1. The correct order to present current assets is A) cash, accounts receivable, prepaid items, inventories. B) cash, accounts receiv

University of North Carolina, Wilmington - ACG - 301

Name _ Quiz Chapter 6 ACG 301 Fall 2011 Choose the most correct answer. 1. What is interest? A) Payment for the use of money. B) An equity investment. C) Return on capital. D) Loan. 2. Which of the following tables would show the largest value for an inte

University of North Carolina, Wilmington - ACG - 301

Name _ ACG 301 Quiz Chapter 7 Fall 2011 1. Why is the allowance method preferred over the direct write-off method of accounting for bad debts? Allowance method is used for tax purposes. Estimates are used. Determining worthless accounts under direct write

University of North Carolina, Wilmington - ACG - 301

Name: _ ACG 301 Chapter 8 Quiz Fall 2011 A) B) C) D) A) B) C) D) A) B) C) D) 1. When using a perpetual inventory system, no Purchases account is used. a Cost of Goods Sold account is used. two entries are required to record a sale. all of these. 2. Why ar

University of North Carolina, Wilmington - ACG - 301

Answer Key1. 2. 3. 4. 5. 6. 7. 8. 9. 10. D C C C C D B D C D

University of North Carolina, Wilmington - ACG - 301

Name _ ACG 301 Quiz Chapter 4 Fall 2011 Instructions: Select the most correct answer. Show your work where appropriate. 1. Information in the income statement helps users to A) evaluate the past performance of the enterprise. B) provide a basis for predic

University of North Carolina, Wilmington - ACG - 301

Intermediate Accounting1-1Prepared by Coby Harmon University of California, Santa Barbara1Financial Accounting and Accounting StandardsIntermediate Accounting 14th Edition1-2Kieso, Weygandt, and WarfieldLearning Objectives Learning Objectives1.I

University of North Carolina, Wilmington - ACG - 301

PROFESSIONAL RESEARCHSearch Strings: concept statement, "materiality", "articulation" (a) According to Concepts Statement 2 (CON 2): Qualitative Characteristics of Accounting Information, "Glossary": "Materiality is defined as the magnitude of an omissio

University of North Carolina, Wilmington - ACG - 301

PROFESSIONAL RESEARCH(a)Codification String: FASB ASC 235-10-05-Presentation > 235 Notes to Financial Statements > 10 Overall > 05 Background (Predecessor Standard [APB 22]) Codification String: Presentation > 235 Notes to Financial Statements > 10 Over

University of North Carolina, Wilmington - ACG - 301

PROFESSIONAL RESEARCH: FASB CODIFICATION (a) Transfer of receivables is addressed in FASB ASC 860-10: Codification String: Broad Transactions > 860 Transfers and Servicing > 10 Overall > 05 Background > The predecessor literature can be accessed by clicki

University of North Carolina, Wilmington - ACG - 301

PROFESSIONAL RESEARCH(a)The codification provides guidance at: FASB ASC 330-10-05 (Codification String: Assets > 330 Inventory > 10 Overall > 05 Background). The primary predecessor literature is: "Restatement and Revision of Accounting Research Bulleti

University of North Carolina, Wilmington - ACG - 301

Review for ACG 301 Exam #1 Here is the information you need to know . I am not kidding!Chapter 1 Chapter 2 Objective of financial reporting Securities Exchange Commission (SEC) Committee on Accounting Procedure (CAP) Accounting Principles Board (APB) FA

University of North Carolina, Wilmington - ACG - 301

ACG 301 - Exam #3 Review Chapter 7 Cash what is cash? What is considered cash on the balance sheet? Receivables what are receivables? Trade vs. nontrade receivables? AR valuation? Trade discount? Sales Discount? Know how to compute a sales discount. Unco

University of North Carolina, Wilmington - ACG - 301

Accounting 301-001, Cameron Hall 123 . 11:00 12:15 External Financial Reporting I Fall 2011Instructor: Office: Office Phone: Home Phone: Fax: E-mail address: Class Schedule: Daniel Ivancevich 230-B, Cameron Hall 962-7681 452-0365 (between 9:00 AM and 9:0

University of North Carolina, Wilmington - ACG - 301

CHAPTER 10Acquisition and Disposition of Property, Plant, and EquipmentCHAPTER REVIEW1. Chapter 10 presents a discussion of the basic accounting problems associated with the incurrence of costs related to property, plant, and equipment; and the account

University of North Carolina, Wilmington - ACG - 301

CHAPTER 11Depreciation, Impairments, and DepletionCHAPTER REVIEW*Note: All asterisked (*) items relate to material contained in the Appendix to the chapter. 1. Chapter 11 presents a discussion of the factors involved in the accounting and recording of

University of North Carolina, Wilmington - ACG - 301

CHAPTER 1 REVIEW1. Chapter 1 describes the environment that has influenced both the development and use of the financial accounting process. The chapter traces the development of financial accounting standards, focusing on the groups that have had or cur

University of North Carolina, Wilmington - ACG - 301

CHAPTER 2 REVIEW1. Chapter 2 outlines the development of a conceptual framework for financial reporting. The conceptual framework is composed of a basic objective, fundamental concepts, and recognition, measurement, and disclosure concepts. Each of these

University of North Carolina, Wilmington - ACG - 301

CHAPTER 3The Accounting Information SystemCHAPTER REVIEW*Note: All asterisked (*) items relate to material contained in the Appendices to the chapter. 1. Chapter 3 presents a concise yet thorough review of the accounting process. The basic elements of

University of North Carolina, Wilmington - ACG - 301

CHAPTER 4Income Statement and Related InformationCHAPTER REVIEW1. Chapter 4 presents a detailed discussion of the concepts and techniques that underlie the preparation of the Income Statement and Retained Earnings Statement and the reporting of other c

University of North Carolina, Wilmington - ACG - 301

CHAPTER 5Balance Sheet and Statement of Cash FlowsCHAPTER REVIEW*Note:All asterisked (*) items relate to material contained in the Appendix to the chapter. 1. Chapter 5 presents a detailed discussion of the concepts and techniques that underlie the pre

University of North Carolina, Wilmington - ACG - 301

CHAPTER 6Accounting and the Time Value of MoneyCHAPTER REVIEW1. (L.O. 1)Chapter 6 discusses the essentials of compound interest, annuities and present value. These techniques are being used in many areas of financial reporting where the relative values

University of North Carolina, Wilmington - ACG - 301

CHAPTER 7Cash and ReceivablesCHAPTER REVIEW*Note: All asterisked (*) items relate to material contained in the Appendix to the chapter. 1. (S.O. 1)Chapter 7 presents a detailed discussion of two of the primary liquid assets of a company, cash and recei

University of North Carolina, Wilmington - ACG - 301

CHAPTER 8Valuation of Inventories: A Cost-Basis ApproachCHAPTER REVIEW1. Careful attention is given to the inventory account by many business organizations because it represents one of the most significant assets held by the enterprise. Inventories are

University of North Carolina, Wilmington - ACG - 301

CHAPTER 9Inventories: Additional Valuation IssuesCHAPTER REVIEW*Note: All asterisked (*) items relate to material contained in the Appendix to the chapter. 1. Chapter 9 concludes the discussion of inventories by addressing certain unique valuation prob

University of North Carolina, Wilmington - ACG - 301

CHAPTER 12Intangible AssetsCHAPTER REVIEW*Note: All asterisked (*) items relate to material contained in the Appendix to the chapter. 1. Chapter 12 discusses the basic conceptual and reporting issues related to intangible assets. Valuing and Amortizing

University of North Carolina, Wilmington - ACG - 302

Accounting 302-001, Cameron Hall 101 . 2:00 3:15 Accounting 302-002, Cameron Hall 101 . 3:30 4:45External Financial Reporting II Spring 2012Instructor: Office: Office Phone: Home Phone: Fax: E-mail address: Class Schedule: May 8) Daniel Ivancevich 230-B

University of North Carolina, Wilmington - ACG - 302

Name _ ACG 302 Quiz Chapter 16 Spring 2012 A) B) C) D) 1. The conversion of bonds is most commonly recorded by the incremental method. proportional method. market value method. book value method. 2. On July 1, 2012, an interest payment date, $80,000 of Pa

University of North Carolina, Wilmington - ACG - 302

Name _ ACG 302 Quiz Chapter 13 Spring 2012A) B) C) D) A) B) C) D) A) B) C) D) 1. Of the following items, the only one which should not be classified as a current liability is current maturities of long-term debt. sales taxes payable. short-term obligatio

University of North Carolina, Wilmington - ACG - 302

Name: _ ACG 302 Quiz Chapter 14 Spring 2012 1. If bonds are issued initially at a premium and the effective-interest method of amortization is used, interest expense in the earlier years will be greater than if the straight-line method were used. greater

University of North Carolina, Wilmington - ACG - 302

Name _ ACG 302 Chapter 15 Quiz Spring 2012 A) B) C) D) 1. A primary source of stockholders' equity is income retained by the corporation. appropriated retained earnings. contributions by stockholders. both income retained by the corporation and contributi

University of North Carolina, Wilmington - ACG - 302

Intermediate Accounting13-1Prepared by Coby Harmon University of California, Santa Barbara13Current Liabilities and ContingenciesIntermediate Accounting 14th Edition13-2Kieso, Weygandt, and WarfieldLearning Objectives Learning Objectives1. 2. Des

University of North Carolina, Wilmington - ACG - 302

CHAPTER 13Current Liabilities and ContingenciesCHAPTER REVIEW1. Chapter 13 presents a discussion of the nature and measurement of items classified on the balance sheet as current liabilities. Attention is focused on the mechanics involved in recording

University of North Carolina, Wilmington - ACG - 302

CHAPTER 14Long-Term LiabilitiesCHAPTER REVIEW*Note:All asterisked (*) items relate to material contained in the Appendix to the chapter. 1. Chapter 14 presents a discussion of the issues related to long-term liabilities. Long-term debt consists of prob