ACIS Test Review test2

ACIS Test Review test2 - ACIS Test Review Lecture 1 •...

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Unformatted text preview: ACIS Test Review Lecture 1. • Recognition Principle- Reporting an accounting event in the financial statement. • Revenue- • Expense – Matching • Cash • Accrual Accounting- Method of accounting that records the effects of accounting events in the period in which such events occur regardless of when cash is exchanged. • Valuation Principle- CASH: Measure it at its face value. • Presentation • Preparation of Financial Statements Lecture 2: • Types of Accounting Entries • Routine Transactions • Period Transactions – Adjusting Entries • Closing • Investments • Recording • Adjusting Interest Receivable Lecture 3: • Difference: Debt v. Equity • Interest v. Dividend • Repayment v. Ownership – Matching • Debt • Principal v. Interest • Interest Payable Lecture 4: • Define Deferral/Allocation- Deferral Allocation: Involves recognizing a revenue or expense at some time AFTER cash has been collected or paid. Allocation: a systemic process for matching. Revenue to the period when earned, Expense to the revenue. •...
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This note was uploaded on 03/18/2008 for the course ACIS 2116 taught by Professor Cmeasterwood during the Fall '08 term at Virginia Tech.

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ACIS Test Review test2 - ACIS Test Review Lecture 1 •...

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