Midterm 1 Study Guide

Midterm 1 Study Guide - Midterm 1: Review Outline.Fall 2007...

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Midterm 1: Review Outline…Fall 2007 BUAD 250a A equal L plus OE Explain three requirements for assets and liabilities OE comes in two flavors…CC and RE Income Statement elements…explain all four. .R, E, G, and L Income 'swims' into RE…. ..really with a closing JE… Balance sheet accounts carry over year-to-year… Income statement accounts do not carry over…[closed out] Historic cost principle Remind them of handouts like 1016 AND 1017 Classified Balance Sheets… CA CL OE NCA NCL (Acc. Depr.) Acc. Depr is always a sticking point Book Value of PPE later in Sof$F in reviews, we can explain this using debits and credits….easier Do 1000 here for the concepts listed Accrual basis vs. Cash Basis Do 1098 or 1090 in review Accrual basis requires use of prepaids, payables, unearned revenues and receivables…all provide managers with important 'info' for running the firm Journal entries. .normal balances…A, L, OE, R, E, G, L Do 1053 in review…using debits and credits
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This note was uploaded on 05/08/2008 for the course ACCT 250A taught by Professor Hopkins during the Spring '07 term at USC.

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Midterm 1 Study Guide - Midterm 1: Review Outline.Fall 2007...

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