Mid-Term 1 Review - 1 MID-TERM 1 REVIEW Office Hours Monday...

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10/16/2016 1 MID-TERM 1 REVIEW Office Hours - Monday 5-6, B311, Harry (One-time change) 1 Accounting General accounting concepts (First Day lecture) Revenue recognition Long-Term Construction Contract / % Completion (example: construction project) Accrual Accounting / Point of Sale (example: coffee) Installment Sales (example: cell phone on installment; revenue and gross profit recognized when cash is received) Contract Method (Revenue / profit only recognized when contract is 100% complete and executed) See examples in lecture and problems on CCLE Partnerships Understand characteristics How profit / loss is distributed (salaries, interest, remainder, profit / loss split) Journal entries to be admitted to a partnership Purchase an interest Contribute assets Journal entries to leave a partnership Balance Sheet liquidation of partnership STUDY CHECKLIST 2
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10/16/2016 2 Corporations Understand characteristics Stockholders’ Equity = Paid-in Capital + Retained Earnings Common Stock and Preferred Stock terminology (par value / stated value, authorized / issued / outstanding / Treasury stock, dividend, arrears, etc.) and unique characteristics of each Journal Entry of different common stock and preferred stock transactions (Treasury stock, dividend, paid-in-capital in excess of par / stated value, etc.) **How to take the Journal Entries create a Shareholders Equity Statement Book Value per Share **Income Statement including continuing and discontinued operations Earnings per Share Weighted Average Shares Outstanding (WASO) P/E ratio – Go over Lecture notes; didn’t review in discussion (straightforward) Market Capitalization – Go over Lecture notes; didn’t review in discussion (straightforward) Dividend Journal Entries STUDY CHECKLIST 3 Corporations (continued) Statement of retained earnings Prior period adjustments EBIT = Earnings Before Interest and Taxes = Operating Income EBITDA = Earnings Before Interest, Taxes, Depreciation, and Amortization = EBIT + D&A Bonds Characteristics Journal Entries Par Discount Premium Between Interest Payment Dates Combo: Between Interest Payment Dates + Par / Discount / Premium STUDY CHECKLIST 4
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10/16/2016 3 Lecture Notes Discussion Notes Mid-Term Review Deck Homework Problems THINGS TO STUDY Sample Problems + Instructions! Most Important – Practice and try it yourself! No lecture, discussion notes, and mid-term review can substitute practice 5 Revenue Recognition Partnerships Stockholders’ Equity (B/S, I/S) Long-Term Liabilities Bonds COURSE ROADMAP Bonds Corporate Investments Consolidations Statement of Cash Flows Individual/Personal Taxes Financial Statement Analysis Job Order Cost Accounting Process Cost Accounting Cost Volume Profit Analysis Master Budget & Planning Flexible Budget Standard Costs Capital Budgeting MODULE 1 (Ch. 10 -11) MODULE 2 (Ch. 12 – 14) MODULE 3 (Ch. 15 -17, 19, 20, 23-26)
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  • Fall '08
  • ravetch
  • ........., Generally Accepted Accounting Principles, dr. cash, L E C T U R E N OT E S S E C T, M P R E H E N S

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