22 sample documents related to ACC 271

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  Accounting Basics

  Michigan ACC 271
  

  Accounting Basics Balance sheet (also called statement of financial position) list of an entity\'s assets, liabilities, and owners\' equity as of a specific date board of directors group elected by the stockholders to set policy for a corporation and to app
   
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  Accounting Principles

  Michigan ACC 271
  

  Accounting Principles Management accounting the branch of accounting that generates information for the internal decision makers of a business, such as top executives merchandise inventory (also called inventory) the merchandise that a company sells to it
   
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  Accounting Terms

  Michigan ACC 271
  

  Accounting Terms Retained earnings the amount of stockholders\' equity that the corporation has earned through profitable operation and has not given back to stockholders net income (or net loss) - dividends = retained earnings revenues an increase in reta
   
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  Chapter 1 Book Notes

  Michigan ACC 271
  

  Chapter 1: 1. 3 types of business: a. Manufacturing b. Merchandising c. Service 2. 4 organizational forms of business: 1. Proprietorship: owned by 1 individual. 70% made up in United States. Disadvantage- financial resources. 2. Partnership: owned by 2 or
   
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  Final notes

  Michigan ACC 271
  

  1. Be able to distinguish current liabilities from long-term liabilities. 2. Be able to determine the face value, the maturity value, and periodic interest expense related to a note payable. 3. Be able to show the effects of the following transactions on
   
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  GAAP vs IFRS

  Michigan ACC 271
  

  U.S. Gaap vs. IFRS General IFRS rules are generally thought to be less detailed and require less information to be included in the financial statements Accounts receivable GAAP: Three methods to estimate the amount of uncollectible accounts IFRS: Internat
   
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  Midterm notes

  Michigan ACC 271
  

  1. Be able to properly report accounts receivable and allowance for doubtful accounts on the balance sheet, and know how to compute the net realizable value of accounts receivable. 2. Be able to compute the annual estimate of uncollectible accounts expens
   
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  Types of Accounting

  Michigan ACC 271
  

  Types of Accounting Methods of Accounting Accounting the information system that 1) measures business activities 2) processes that information into reports & financial statements 3) communicates the results to decision makers Capital another name for owne
   
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  Unit 1 Notes

  Michigan ACC 271
  

  Unit 1 Notes account payable a liability backed by the general reputation and credit standing of the debtor accounting equation the most basic tool of accounting: Assets = Liabilities + Owners\' Equity account the record of the changes that have occurred i
   
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  Unit 2 Notes

  Michigan ACC 271
  

  Accounting Unit 2 Notes Amount to be depreciated Cost-salvage value Book Value Cost- accumulated depreciation Depreciation rate (straight line) Cost- Salvage valueUseful life in years Depreciation (sum of years digits) (Cost- Salvage value) x # years rema
   
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  win08syll

  Michigan ACC 271
  

  ACCOUNTING 271 PRINCIPLES OF ACCOUNTING I WINTER 2008 COURSE INSTRUCTOR Charles F. Klemstine 6610 Executive Residence (764-0122) E-mail: cfk@umich.edu Office Hours: Thursday 2:00-4:00 and Friday 10:00-12:00 COURSE ADMINISTRATOR Jeff Williams 6605 E
   
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  Soln8-07

  Michigan ACC 271
  

  PROBLEM SOLUTIONS 8-1 Shareholders\' Equity 1. The two main components of Shareholders\' equity are: a. Contributed capital (amounts provided by shareholders); b. Earned capital (amounts earned and retained in the business). 2. Comprehensive income is
   
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  Soln1-07

  Michigan ACC 271
  

  PROBLEM SOLUTIONS 1-1 Using Accounting Information 1. The external users of financial accounting information are the current and potential owners (shareholders), the current and potential creditors, and other individuals and entities that are not ma
   
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  SolnExam1

  Michigan ACC 271
  

  Exam #1 SOLUTIONS Part I. 20 Multiple Choice Questions at 3 Points Each Intermediate numbers are shown in italics and the final answer is shown in bold. 1. B. Use the Assets = Liabilities + Shareholders\' Equity relationship: Assets $338,200 253,900 1
   
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  SolnExam2-1

  Michigan ACC 271
  

  Exam #2 SOLUTIONS Part I. 20 Multiple Choice Questions at 3 Points Each Intermediate numbers are shown in italics and the final answer is shown in bold. 1. A. Use the Allowance T-account: the beginning balance of $27,100 + Bad Debt Expense accounts
   
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  Soln6-07

  Michigan ACC 271
  

  PROBLEM SOLUTIONS 6-1 Acquisition Costs 1. Journal entries: a. b. c. d. e. f. g. h. Machinery Cash Insurance expense Cash Machinery Cash Maintenance expense Cash Machinery Cash Materials/Operating expense Cash Machinery Cash Machinery Cash 13,400 13
   
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  Soln7-07

  Michigan ACC 271
  

  PROBLEM SOLUTIONS 7-1 Accounts Payable Purchase Discounts 1. The annualized rate is: [0.03 (1.0 0.03)] x [365 days 15 days] = [0.03 0.97] x [24.3333] = .7526 2. The cost of borrowing is 20% x $150,000 = $30,000. The additional costs incurred on
   
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  Soln5-07

  Michigan ACC 271
  

  PROBLEM SOLUTIONS 5-1 Computing Missing Amounts Requirements 1. and 2. are shown below. Computed amounts are shown in bold. Company A B C $ 85 $ 75 $ 57 $ 5 120 $125 65 $ 60 $ 25 18 3 $ 4 $ $ $ $ 6 45 51 10 41 16 13 1 2 $ 21 55 $ 76 21 $ 55 $ 20 15
   
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  Soln3-07

  Michigan ACC 271
  

  PROBLEM SOLUTIONS 3-1 The Accounting Cycle 1. Step 1: Step 2: Step 3: Step 4: Step 5: Step 6: Step 7: Analyze and record journal entries Post the journal entries to T-accounts Prepare the (unadjusted) trial balance Prepare and post the adjusting ent
   
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  Soln4-07

  Michigan ACC 271
  

  PROBLEM SOLUTIONS 4-1 Accounts Receivable Transactions Journal entries: a. b. c. d. Accounts Receivable Sales Revenue Bad Debt Expense* Allowance for Bad Debts Allowance for Bad Debts Accounts Receivable Accounts Receivable Allowance for Bad Debts C
   
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  Soln2-07

  Michigan ACC 271
  

  PROBLEM SOLUTIONS 2-1 Accrual and Cash-based Accounting 1. Impact on Revenues and Expenses Date June 2 June 6 June 10 June 15 June 18 June 22 June 29 June 30 Cash-based Accounting Expense Revenue Expense Revenue Expense Expense $ 900 6,800 -01,600 8
   
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  acchw 12

  Michigan ACC 271
  

  HW 14 Problem 7-5 Part A 1 2 Part B 1 2 Part C 1 2 Problem 7-6 Part A 1 2 Part B 1 2 Part C 1 2 Problem 7-7 Part A 1 2 3 Part B 1 2 $125,970.00 $161,050.00 99994.986 99995.945 39927 37908 125970 161050 100439.514 617483.412 19963.5 18954 223543.6